When it comes to selling a home, navigating the escrow process can often be overwhelming for homeowners. The escrow process refers to the timeframe from when a purchase agreement is accepted to when the sale is officially closed. This is the crucial period during which the buyer and seller collaborate to fulfill all the required steps for transferring property ownership. While the traditional MLS listing route can prolong this process, opting for a direct sale to DHS Realty Group significantly expedites proceedings.
In this blog post, we’ll walk you through the common steps of the escrow process and what home owners can expect when selling a home in Lawton. We’ll also discuss how a direct sale to DHS Realty Group can make the process much faster, easier and less stressful for home owners regardless of the reason for selling.
Step 1: Opening Escrow
The first step in the escrow process is opening escrow. This is done by the buyer’s real estate agent, who will send a copy of the signed purchase agreement to the escrow company. The escrow company will then open a file and send out instructions to both parties on what they need to do next. We use Sovereign Title for all of our closings. Because we have closed so many transactions with them they are able to give us the best service and make sure they are closed as soon as possible.
Step 2: Title Search and Insurance
The next step in the escrow process is conducting a title search and obtaining title insurance. This is important to ensure that the title of the property is clear and that there are no liens, encumbrances, or other issues that could prevent the sale from going through. The escrow company will work with a title company to perform the search and obtain the insurance. The title abstract process in Oklahoma is distinguished by its requirement for comprehensive, physical abstract documents that chronicle the complete history of a property. This task is primarily carried out by specialized, licensed abstract companies, regulated by the Oklahoma Abstractors Board, ensuring a standardized service. In contrast, other states may rely more on electronic title searches conducted by title companies or attorneys, without the necessity for a physical document. The regulatory environment and the roles of professionals in the title abstract process thus vary significantly between Oklahoma and other states, reflecting Oklahoma’s unique approach to ensuring clear and reliable property titles.
Step 3: Home Inspection and Repairs
After the title search and insurance have been completed, the buyer will typically schedule a home inspection. The inspection will identify any issues with the property that need to be addressed before the sale can be completed. The seller will then need to make any necessary repairs or offer a credit to the buyer to cover the cost of the repairs. We do all our inspections up front so we skip this step. As the seller we don’t ask that you do any repairs. In fact you can leave as much of the personal property in the home as you’d like… we’ll take care of it all.
Step 4: Appraisal
Once the repairs have been made, the buyer’s lender will typically order an appraisal of the property. The appraisal is important to ensure that the property is worth the amount that the buyer has agreed to pay for it. If the appraisal comes in lower than the sale price, the buyer may need to renegotiate the price or the seller may need to make repairs to bring the value of the property up. Again since we buy for cash we don’t need any appraisals which make the process quicker and this is one more thing that could hold up the close. If they property doesn’t appraise… the lender can not lend and therefor you don’t get the money when you expect it.
Step 5: Contingencies
During the escrow process, there may be contingencies that need to be met before the sale can be completed. A contingency is any condition that MUST be met before the sale can go through. For example, the sale may be contingent on the buyer obtaining financing or on the seller making certain repairs. The escrow company will ensure that all contingencies are met before the sale can be completed. Sometimes a buyer has conditions on multiple inspections adding a lot of time or delays…. to the closing.
Step 6: Closing
Once all the steps of the escrow process have been completed, the sale can be closed. This involves the transfer of ownership from the seller to the buyer and the exchange of funds. The escrow company will ensure that all necessary paperwork is signed and that the funds are transferred.
As you can see, the escrow process can be lengthy and stressful for homeowners. However, there is a faster and less stressful option available – a direct sale to DHS Realty Group.
Why Choose DHS Realty Group?
With a direct sale to DHS Realty Group, there is no need to go through the escrow process. Instead, DHS Realty Group will make an offer on your property and can close the sale within days. This means that you can avoid the stress and uncertainty of the traditional escrow process and get cash for your property quickly.
In addition, a direct sale to DHS Realty Group offers several other benefits. For example, you can avoid the need to make repairs to your property or stage it for showings. DHS Realty Group will buy your property as-is, regardless of its condition. This can save you time and money and make the process much more convenient.
Another benefit of a direct sale to DHS Realty Group is that there are no real estate agent commissions or fees to pay. When you sell your property through a traditional MLS listing, you will typically need to pay a commission to the buyer’s agent and your own agent. This can add up to thousands of dollars in fees. With a direct sale to DHS Realty Group, there are no commissions or fees to pay, which means that you can keep more of the sale price for yourself.
Finally, a direct sale to DHS Realty Group offers certainty and peace of mind. When you sell your property through a traditional MLS listing, there is always the risk that the sale will fall through during the escrow process. This can be devastating for homeowners who are counting on the sale to go through. With a direct sale to DHS Realty Group, you can be confident that the sale will go through as planned and that you will receive cash for your property.
The escrow process can be a stressful and time-consuming experience for homeowners. However, there is a faster and less stressful option available – a direct sale to DHS Realty Group. With a direct sale to DHS Realty Group, you can avoid the uncertainty and stress of the traditional escrow process and get cash for your property quickly. If you’re looking to sell your property in Lawton, contact DHS Realty Group today to learn how we can help you. 940-249-5752