Buying a house can be a complicated process, one that most people are generally unprepared for and don’t really understand. There are a lot of different nuances to buying and selling a home, from the offer, to the home inspection, and getting that mortgage approval. One of those hard-to-understand elements is the process of being “in escrow”, which occurs between the time a seller accepts the offer and the buyer gets the keys to the new house. So how do you prepare for it? Here is a 10-step walk-through of the process, so you won’t be left standing in the rain without a roof over your head.
- The escrow process occurs between the time a seller accepts an offer to purchase and the buyer takes possession of the home.
- The first part of the escrow process is the opening of an account in which a deposit is held.
- The buyer must wait for bank approval, secure financing, get inspections completed, purchase hazard insurance, do walk-throughs, and go through closing.
- The buyer may walk away from the agreement if conditions are not met or there is a problem with the property.