Escrow can be confusing, particularly for first-time homebuyers. As with all aspects of a real estate transaction, it’s best if you know what you’re dealing with before you dive in.
What is Escrow?
Escrow refers to a buyer giving deposit money to a neutral third party who will give it to the seller once the deal goes through.
The buyer gives this money to a neutral third party to keep the whole deal—and everyone involved—completely honest.
When a home is in escrow, it means that you’ve made your offer, the seller has accepted, and you’re all wrapping up loose ends. The escrow process can take up to 6 weeks to complete (and in some cases, even longer), so there are plenty of opportunities for things to go wrong.
Fortunately, you can usually head off small problems before they have a chance to turn into big problems.
Tips for Surviving Escrow
If you’re like most people, you want the entire home buying process to go smoothly; who wants snags to hold up the deal?
Here’s what you can do to make it trouble-free:
- Make sure you’re working with a knowledgeable and experienced Main Line real estate agent.
- Be responsive to everyone involved. When someone calls you to ask for documentation, provide it as quickly and efficiently as possible.
- Make sure you have the appropriate insurance in place.
- Be sure that you bring your government-issued photo ID to closing. You’ll also need the name of your homeowner’s insurance company and the policy number.
Ready to Explore Main Line Real Estate with a Professional?
Call us at (610) 608-3119 or contact us online. We’re ready to show you homes for sale in the Main Line area and use our knowledge, experience and commitment to excellent service to make your home buying experience a satisfying one.
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