November 8, 2019
You’ve undoubtedly heard the word “escrow,” but you may not know what it means. Escrow is a particular process in home buying. It begins once a seller accepts an offer from a buyer. The most well-known aspect of escrow is when a buyer deposits some of the upfront money in a third-party account, as a show of good-faith. When the escrow process is completed, the rest of the money is sent to the seller. But several other important things happen during escrow, including walk-throughs, appraisals, inspections, and financing. Let’s take a closer look.
Escrow Begins When The Seller Accepts The Buyer’s Offer
Once a seller has accepted the offer of a buyer, the next step is for the parties to go into the escrow process. After the price is agreed upon, the real estate agent will handle the escrow account. The earnest money is collected and deposited into this account. The third-party managers overseeing this account also hold onto things such as deeds, financial documents, and other real estate documents pertaining to the sale. Once the transaction is finalized and completed, the money and documents are released from escrow.
Appraisal, Inspections, And Financing Are Typically Done During The Escrow Process
During the escrow process, several important things need to happen. The bank will appraise the home to make sure that its value has been properly assessed. The buyer will finalize their financing to ensure that they can actually provide the seller with the funds to purchase the home. The buyer will also conduct inspections to ensure that the home doesn’t have any serious damage. The buyer may also conduct walk-throughs during this period as well.
Deals Can Fall Apart In Escrow
It is important to understand that just because a deal goes to escrow, that doesn’t mean that it is complete. Home sales fall apart in escrow all the time. Sometimes the buyer can’t properly finance the home. Sometimes a seller didn’t disclose property damage, and that turns up in the inspection process. Sometimes–though more rarely–a bank won’t agree to financing after their appraisal finds the home is significantly overvalued. Going to escrow doesn’t mean a deal is done, and both parties should understand that fact.
Interested in selling your property without having to go through the frustratingly long traditional sale process? The good news is that you have options. 4 Brothers Buy Houses is willing to purchase your property for cash, immediately. That means you don’t have to spend months renovating your house or showing it off to prospective buyers with a real estate agent. You can get the deal done on your terms and get your money when you need it. Contact us today, and we’ll provide you with a free, no obligation quote.
October 10, 2019
Selling your property is a lengthy and complex process. That is why there are so many misconceptions about how selling a home works. Most of these misconceptions can cost you money in the long-term. It is important to understand how the process works, so that you can navigate it effectively without leaving money on the table. Here are some of the largest home selling myths that you need to be aware of:
1. You Can Trust Online Property Valuations
Everyone has looked online at property valuations. They are easy to find and compare. The problem is they are often wrong. Websites like Zillow use equations to come to rough estimations of what they think a given property may be worth. But a property is only worth what someone is willing to pay for it. Make sure that you don’t get caught up in a number you saw online–it may not be an accurate portrayal of your property’s true value.
2. That You Can Get More Competitive Offers By Overpricing Your Home
You might think that by overpricing your home, you can get offers which are a bit less, around where you think your home should be valued. The problem is that negotiations don’t work this way. You’ll simply get fewer offers, and the longer your home stays on the market, the more prospective buyers will think something must be wrong with the property and stay away.
3. Buyers Focus More On The Interior Of The Home
Neglecting your property’s exterior is a big mistake. Curb appeal is why prospective buyers stop and look at your property in the first place. Take the time to make sure the grass and shrubs are neatly cut.
4. Renovation Will Always Improve Your Property’s Value
Renovating just for renovation’s sake is typically not a good idea. A renovation can actually cost you thousands of dollars you won’t get back if you aren’t doing it with a purpose. Is this renovation bringing the property up to date with new trends? Is it bringing prospective buyers value with new features that they can’t find other places? Make sure that you are renovating for the right reasons. If prospective buyers don’t see the value in your renovation, they won’t be willing to pay extra for your property. Want to sell your property without going through the hassle of dealing with a real estate agent and handling showings? You’re in luck. You can sell your property on your own timeline by working with 4 Brothers Buy Houses. 4 Brothers Buy Houses will purchase your property from you for cash. You won’t have to make any renovations or expensive repairs either. Give us a call today, and we can provide you with a free, no-obligation quote. We’d be honored to work with you so that you can sell your property on your terms.