The escrow process is a period in which a homebuyer waits to become the owner of the property officially. If you’re a homebuyer for the first time, you might not know much about the escrow process and what it entails. Most homebuyers will deal with this process for a minimum of 30 days, but the escrow process can last even longer than that. If you’d like to get through it with ease instead of stressing the whole time, keep these four tips in mind! Understanding the escrow process can be easier than you think.
4 Tips for Understanding the Escrow Process
1. Create a List of Everything You’ll Need to Do
During the escrow process, there’s a lot that needs to happen. You’ll need to have a home inspector going through the home to make sure it’s suitable for you to buy it. It’s also a process of obtaining financing for the property, making it possible for you to purchase it.
Please keep track of everything that needs to get done on paper and mark each task off the list once you get it done. You’ll feel relieved to see all the progress you’re making. This is an important part of understanding the escrow process.
2. Don’t Make Changes That Will Negatively Impact Your Credit Score
If you’ve been pre-approved for a home loan, the last thing you should do is make an impulse purchase that will negatively impact your credit card. If you’re thinking about getting a car loan, wait it out until you get the financing needed for your home.
Making certain decisions that cause a sudden decrease in your credit score, such as increasing your credit card usage, could easily cause you to struggle with obtaining the financing you need to afford the home. Understanding the escrow process means following this tip!
3. Be Available as Much as Possible
It’s not always ideal for everyone, but be available as much as possible to answer calls from your real estate agent. Your real estate agent might need to contact you about various things, including financing and home inspections.
If you’re missing calls and not getting back to the agent within a reasonable timeframe, you’re unintentionally delaying the process. Although the escrow process typically lasts for 30 days, it could end up taking you 60 days or more to get through it due to a lack of availability.
4. Have Plenty of Faith in the Realtor
You chose your real estate agent for a reason, so be sure to have faith in this professional’s ability to help you. The real estate agent wants to complete the process of helping you get the home as quickly and efficiently as possible.
While being stuck in escrow might leave you feeling stressed and frustrated, know that you can turn to your real estate agent with any concerns or questions you might have. The agent will walk you through the process and support you the entire time.
Now that you know a bit more about the escrow process be sure to use these helpful tips to your advantage. While it’s hard to play the waiting game, the patience you have and the effort you put into getting things done will benefit you in the long run.