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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This post is potentially worth millions to home seller, agents, investors and all those who benefit from a much higher home sale price. First of all, congratulations to His Grace, Artist Brother Andy for helping a home seller to get $150,000 more than the comps for one house, and then attracting multiple offers immediately after staging this house in Winchester, CA near Hemet (tomorrow, check out Andy’s Before and After photos). A probate sale, it was suddenly left a bit of a mess, and cluttered, as both occupants had disabilities. Like a magician, Andy uses what may seem like sleightof hand, optical illusions, color, lights and shadows. It might even seem like smoke and mirrors to create a powerfully positive impression of residences inside and out. #sell #home #price | VIDEO
Brother Andy is long known for transformations from beautiful to ugly and vice versa. He began as a youth, creating sci-fi make-up that rivaled Planet of the Apes, then on to haunted house and horror film make-up. Meanwhile, Andy himself modeled for top magazines, which led to a prolific career as a photographer, and more recently, film-maker. Many of his movies include transformations involving beauty and style. Viewers never know that many of the amazing film scenes of monasteries, circus tents, theaters, shacks, mansions and castles were all shot in the same small house. So, it’s no wonder how Andy has the ability to transform an ordinary domicile into an awe-inspiring abode, or, at the very least, a welcoming place of comfort.
For the once highly lived-in house in Winchester, decluttering and re-arranging was the order of the day. Andy spent about 20 hours over two days to take out all of the stuff, leaving only the articles optimal for home staging, then painstaking placing each of the articles into a thoughtful order to create settings that evoke the proper thoughts and emotions about its suitability as a home, along with aesthetic potential and overall warm sentiments. Creating an aura of positive energy was a tall order considering that the former owner died in the house just weeks ago, leaving two hyperactive, non-house-trained Jack Russell terriers running amok, not to mention an un-potty-trained special-needs adult (fortunately a care giver and first responders arrived within a matter of hours to rescue the mentally disabled lady and two panicking pooches).
The first priority for Andy was to remove the many articles of clothes, dozens of bottles and hundreds of other miscellaneous objects. Next came the thought process, some sweat — and valuable results.
How to Make Buyers Fight Over a Home
Whether it’s a house, loft or condo, the same strategies apply. Marketing, including price and presentation, are key components to a successful home sale. Believe it or not, a lower asking price is part of the success formula for a bigger home sale amount. A very low listing price sets up a system of attracting more buyers, more excitement and a higher final sale amount. Naturally, reaching a larger audience, using common and uncommon marketing methods, ensures that a home has the best chance of attracting many potential buyers, showings, offers and price. By attracting large numbers with low price and high presentation, the seller benefits from an auction effect of enthusiasm and multiple offers above asking price. The system is completed by making a home irresistibly attractive using techniques that the average homeowner is unaware of. Staging is one of those powerful, yet underutilized tactics.
Tomorrow, The ROI of Staging
HOW TO TURN ZERO INTO A HALF MILLION — Don’t miss tomorrow’s post as the L.A. Loft Blog interviews interior designer artist Brother Andy about how his recent staging success stories have garnered an extra $465,000 for home sellers.
New Insider Report Reveals How to Get Your Asking Price When Selling YourSoCal Home
Southern California – When you decide to sell your loft, condo or house, setting your asking price is one of the most important decisions you will ever make. Depending on how a buyer is made aware of your home, price is often the first thing he or she sees, and many homes are discarded by prospective buyers as not being in the appropriate price range before they’re even given a chance of showing. Your asking price is often your home’s “first impression”, and if you want to realize the most money you can for your home, it’s imperative that you make a good first impression.
This is not as easy as it sounds, and pricing strategy should not be taken lightly. Pricing too high can be as costly to a homeseller as pricing too low. Taking a look at what homes in your neighborhood have sold for is only a small part of the process, and, on its own, is not nearly enough to help you make the best decision. A recent study, which compiles 10 years of industry research, has resulted in a new special report entitled “Homesellers: How to Get the Price You Want (and Need)”. This report will help you understand pricing strategy from three different angles. When taken together, this information will help you price your home to not only sell, but sell for the price you want.
To hear a brief recorded message about how to order your FREE copy of this report call toll-free 1-800-791-4541 and enter 1016. You can call any time, 24 hours a day, 7 days a week.
