Are You Prepared for Escrow?

There are many great San Fernando Valley area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at 818-720-9922 for a FREE home buying or selling consultation to answer any of your real estate questions.

Just because you've made it to escrow doesn't mean the deal is done. Many people are unaware of the handful of things that could go wrong during this stage. Today, we're here to share how to avoid them.

So, you have a fully executed contract and have opened up escrow - now what? Lately, we've seen an increasing number of homes fall out of escrow once a deal has been accepted, which is a frustrating experience for the buyer and seller alike. 

This can happen for several reasons - the dollar value of the transaction, physical inspections, buyer's nerves, and loan issues are just a few examples. We typically tell our seller clients that they need to treat everyone like they're a customer. Even if a buyer throws a really lowball offer at you, it's important to remain respectful because the buyer will often come up in price.

There are two BIG issues that may keep the sale from going through once you've reached escrow: the home inspection and the loan. Something usually comes up during the inspection, and as a seller, you need to realize it's understandable for a buyer to have a problem with a defect and be prepared to renegotiate if necessary. As a buyer, you need to realize that no house is perfect and that the house you're living in now probably has defects of its own. 

Whether you're buying or selling, keep in mind that it's not uncommon for there to be bumps in the road during escrow. When they inevitably come up, think them through, don't make a quick judgement, and keep the bigger picture in mind. Take a deep breath, a step back, and make a smart decision for everyone involved.

Here at the Scott Himelstein Group, we're really good at coaching our clients through situations like this, as well as negotiating through these mitigating circumstances so escrow closes with as few complexities as possible.

If you have any questions about the process, or would like real estate assistance of any kind, don't hesitate to give us a call or shoot us an email. We would love to hear from you! 

Thanks, and have a great day!