One of the most exciting parts of the home selling process is finally accepting an offer and opening escrow. One of the most devastating parts of the home selling process is if something goes wrong, such as if the buyer backs out, and the escrow falls through. While you cannot control every situation that could possibly cause your escrow to fall through, there are a few things that you can do. Keep these 3 tips in mind to help avoid your escrow from falling through:
- Tell everything. Think about what you would want to know about your house if you were buying it. Make sure to tell your real estate agent everything about your home.
- Accept only pre-approved buyers. Nothing kills an escrow faster than accepting an offer from a buyer who is not approved. The only things that should be left to be done after accepting an offer is having the home appraised and getting a home inspection.
- Require a deposit. Having an earnest money deposit from the potential buyer when you start escrow shows a commitment from the buyer and protects you in case the buyer does not comes through. The amount of the earnest money deposit depends on different factors, including state limitations, the current real estate market, and any requirements made by your listing agent. If there are problems with the home that you did not previously disclose, the money will be returned to the non-buyer. The money would go to you if the buyer does not complete the deal. If the deal is completed, the deposit would go towards the down payment and closing costs.
If you are looking into buying a luxury home in the Los Angeles, San Fernando Valley, and Conejo Valley areas, contact me, Betsy Dittman. As a real estate professional I can help you find the best home to fit all your needsand help you successfully sail through the escrow process.