Sellers’ Frequently Asked Questions
What is escrow?
Escrow means the placing of documents and funds with a neutral third party to carry out the terms of an agreement or contract. The escrow officer holds funds in a trust account and facilitates the transaction between the buyer and the seller. Typical escrow periods for selling a home are 30 days, but could be shorter or longer.
What should I do to prepare my home for sale?
For tips to prepare your home for sale, such that make sure your home is clean and well-maintained, clear counters, remove clutter, and decorate the home so it shows well, click the following link.
What are the typical home selling costs?
When selling your home, you will incur a variety of costs associated with transferring of ownership of real property.
What is the duration of a real estate transaction?
The duration of a real estate transaction, referred to as the escrow period, varies depending on the type of transaction.
- Regular real estate transactions involving the sale of a single-family residential property, in which the buyer is financing the purchase, typically takes 30 days to complete.
- Regular real estate transactions involving the sale of a single-family residential property, in which the buyer is paying all cash for the purchase, typically take 15 to 30 days to complete.
- Transactions involving the sale of bank-owned homes usually take 30 to 45 days to complete.
- “Short sale” transactions, which require the approval of the seller’s lender, can take several months or longer to complete.
- Transactions involving the sale of commercial properties take 30 to 60 days or more to complete.
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