Buying a house is full of complications that most people do not understand and are unprepared for. One of those mysterious elements is the escrow process (also called “closing”), which occurs between the time a seller accepts the purchase agreement and the buyer gets the keys to the new house. Below is a 10-step walk-through of the process so you won’t be left standing in the rain without a roof over your head wondering what just happened.
What Happens During Escrow?
Once you go into escrow, many items still need to be reviewed, discussed and inspected as you move forward. Here are several that you’ll encounter for the next 40-50 days until you finally close escrow.
So the past few months you’ve shopped properties, submitted offers on many and gotten your hopes up, only to be let down. But you haven’t given up, and finally you get the call from your real estate agent: Your latest offer has been accepted!