Ensure that your escrow process runs smoothly with these tips!
Waiting for escrow to close can be nerve racking. There are a plethora of circumstances that can prevent escrow from closing. While you can’t eliminate all those reasons, you can help to lessen the risk by being prepared. Check out these most common reasons why home sales fall through so that you know how to overcome them.
While a high demand for real estate has driven up home prices due to competition, a home appraisal that values a home as less than the sale price, could but escrow in jeopardy. To prevent the sale from falling through, there are several options.
- The buyer must either come up with the pricing difference
- The buyer can ask for a second appraisal
- The buyer and seller can work together to show the appraiser evidence of similar sales in the neighborhood to prove the value of the home
Avoid Certain Contingencies.
If the buyer’s current home has difficulty selling, it could prevent escrow going through on the new home. Make sure that the buyer’s home sells before you move forward in the buying process. That way any complications down the line won’t hinder the escrow process.
Ensure that the buyer can purchase the home. If their loan falls through then, they’re unable to follow through on the purchase. Preapproved loans are your best bet to avoid any fiscal issues that may jeopardize the escrow process. They’re more likely to be approved for a loan than buyers that aren’t preapproved.
Make sure that your home sale doesn’t fall through by having experts on your side. To get dedicated service paired with top-tier escrow services when closing an escrow deal, contact Brighton Escrow. Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.