Once an offer is accepted, the home purchase moves into the escrow phase. This is where the property’s condition and value are verified, and all contractual steps are completed before closing. For buyers, this is a critical stage to ensure the home is in good shape, fairly priced, and ready for a smooth transfer of ownership.

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What is Escrow?

• Escrow is a neutral third party that holds funds and documents until all conditions of the sale are met.

• It ensures the transaction is handled fairly for both buyer and seller.

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Home Inspections

• Buyers typically hire a licensed inspector to evaluate the home’s structure, systems, and overall condition.

• Common inspections include general home, roof, plumbing, electrical, HVAC, termite, and sewer line.

• Additional inspections may be ordered for pools, wells, or specialized concerns.

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Negotiating Repairs or Credits

• If inspections reveal issues, buyers can request repairs, a price reduction, or credits toward closing costs.

• The seller may agree, counter, or decline; the outcome is negotiated between both parties.

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Appraisal

• If the buyer is financing the purchase, the lender requires an appraisal to confirm the property’s market value.

• The appraiser is independent and evaluates factors like location, condition, and comparable sales.

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Timeline

• Inspection periods usually last 5–10 days after escrow opens, depending on the contract.

• Appraisals are generally completed within 1–2 weeks after being ordered.

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How a Real Estate Professional Helps Buyers

• Coordinates scheduling for inspections and appraisal.

• Reviews inspection reports and helps evaluate repair requests.

• Communicates with escrow, lender, and seller’s agent to keep deadlines on track.