The Longest Escrow | How Many Days, Weeks or Months Could It Take to Buy or Sell a Home

Escrow length when selling a home: It can sometimes take a while

Q: What’s the longest escrow period on a house?

A: When buying or selling a home, most transactions are protected by using an escrow service to verify that all parties follow the property purchase agreement contract, to ensure that required documents are completed, to make sure that required procedures are accomplished and to send payments as required by the purchase agreement. This process usually takes time, especially when a home mortgage lender is providing financing so that the buyer can make payments over time for the property. The length of escrow can vary greatly depending on the wishes of the buyer and seller, the type of financing, and the requirements of the contract.

What is the longest that escrow can be? The most common escrow period is 30 days, but 35-45 days is common too. Sometimes escrow can close in just 21 days, but we’ve heard of two cases of escrow taking a full 18 months. One case involved yours truly, the headquarters of the LA Loft Blog, a 2-story condo unit at Alta lofts. Although the seller warned us that it would be a long escrow when we bought the Alta loft, we thought it might not be prudent to keep waiting once the escrow period passed 60 days, then 90 days, then 6 months, then a year. The condo was a special deal, a new development of converted historic industrial lofts, plus some special financing arrangements. The price was so low that the seller did not want to complete the transaction right away because it would lower the comps for the other units. Fortunately, our Downtown real estate team leader informed us that it was usually worth waiting for the escrow to close — and he was right. The loft was big, nice and cheap. Patience paid off. We don’t know the details of the other 18-month escrow, but they likely also found it to be well worth the wait. If anyone has heard of a longer escrow, please tell us about it 🙂

What’s the shortest escrow? For a cash purchase, escrow can theoretically be done in about three days in California, but we suggest allowing at least 7-14 days to allow for delays and government bureaucracy etc.

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Yes, a home sale can really take more than one month, sometimes years.

Lock in a Commitment to Complete Escrow with an Inspection

Going into escrow with an inspection builds confidence in the process

More than 90% of escrows result in successful transactions.  However, it’s expensive and frustrating for those who end up in the failing 10%. Los Angeles loft specialist Corey Chambers says the key to success with escrow it to use the assurance of a property inspection to build confidence before committing to escrow.

See the details in this guide to not screwing up!

Buyers can be more successful in closing by making a firm decision BEFORE going into escrow, and before the general home inspection.  The inspection is recommended for valuable discovery and legal protections.  Buyers should not rely on an inspection as the primary determination method.  In California, it’s relatively easy for buyers to cancel, and more difficult for sellers to cancel the escrow. Failure is expensive and frustrating for both. Buyers and sellers should double-check to ensure that the buyer is already 100% committed to the purchase before escrow opens and before the inspection. |  11 HOME INSPECTION TRAPS TO AVOID

What are your biggest concerns about the escrow procedure? Comment

You can lock in better success in escrow by following this guide. Fill out the online form.

LOFT & CONDO LISTINGS DOWNTOWN LA [MAP]

  Lofts For Sale     Map Homes For Sale Los Angeles

SEARCH LOFTS FOR SALE Affordable | PopularLuxury
Browse by   Building   |   Neighborhood   |   Size   |   Bedrooms   |   Pets   |   Parking

#failedescrow #escrowsuccess

Transactions with an inspection help to get everyone on the same page

Copyright © This free information is provided courtesy of L.A. Loft Blog with the information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association, or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com, Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties are subject to prior sale or rental. This is not a solicitation if the buyer or seller is already under contract with another broker. EAC22062902KT