Selling Process
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Appraisal, Inspection & Escrow
What is Escrow?
Escrow begins when the buyer provides an earnest money deposit and a purchase offer is accepted by the seller, and ends when the buyer becomes the official new owner, with the transfer of title registered in the county records.
Title Company and Escrow Holder-
In Washington, the buyer usually selects a title company and escrow holder, because they pay for these services. The title company researches the complete recorded history of the property, to ensure the title is free and clear of all encumbrances by the date of closing, and that all new encumbrances are properly added to the title.
Contingencies-
Most purchase agreements give buyers specific time allotments for property inspections, reviewing the preliminary title report and all disclosure documents and obtaining financing and insurance before the completion of the purchase. As each of these issues is resolved, the buyer removes that specific contingency from the purchase agreement, and the sale is one step closer to conclusion.
Alternately, the buyer may use newly obtained information to request contract renegotiation. This situation is when an objective, experienced listing agent can really prove their worth by offering guidance in making an informed decision on how to respond to the buyer.
Inspections-
The buyer has the right to have a wide variety of property inspections to determine the property’s condition and the cost of any impending repairs or upgrades. Inspections may include roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold. You are entitled to a copy of any of their inspection reports.
Appraisal and Loan Approval-
We recommend accepting offers from buyers who have a lender’s pre-approval letter, which is stronger than a pre-qualification letter. The lender will send an appraiser out to the property, to ensure the property is worth the sales price.
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