Week 7: The Deal Isn’t Done — Inspections, Appraisals, and Escrow
You’ve accepted (or made) an offer—congrats! But before the keys change hands, there are a few critical steps to clear. This is where deals can stall, or fall apart entirely.
1. Home Inspection:
- Purpose: A licensed inspector checks the home’s structure, systems, and safety issues.
- Buyers: Use the report to request repairs or credits—but don’t expect perfection in older homes.
- Sellers: Be proactive. Fixing small issues before listing can reduce renegotiation risk.
2. Appraisal:
- Purpose: Required by lenders to ensure the home’s value supports the loan amount.
- If it comes in low: Buyers may need to bring extra cash, negotiate a lower price, or challenge the report.
- Sellers: Price competitively from the start to avoid surprises.
3. Escrow Period:
- Typical Timeline: 30–45 days. This is when funds are held, contingencies are resolved, and title is reviewed.
- What to Expect: Paperwork, deadlines, and coordination between your agent, lender, and escrow officer.
The right agent can keep this phase on track—and protect your interests if things get bumpy. On Seeking Agents®, you’ll find professionals who don’t just get you to contract—they get you to closing.
Pro Tip: Don’t disappear after the offer. Stay in close contact with your agent and lender to avoid last-minute delays.
Next Week: Keys in Hand — Closing Day and What Comes Next
*Savings are not guaranteed and depend on market conditions and agent negotiations.
This article is for informational purposes only and does not constitute financial advice.
Always consult with a licensed real estate professional before making any real estate decisions.