When selling a property in Indianapolis, the escrow process can often seem overwhelming for homeowners. This crucial stage occurs between the acceptance of a purchase agreement and the final closing of the sale. It involves both the buyer and seller collaborating to fulfill all requirements for the official transfer of ownership of the property. While a conventional MLS listing typically prolongs this process, choosing to sell your house to a Indianapolis direct home buyer like 317 Home Buyers streamlines the escrow process and thus the overall transaction significantly.
In this blog post, I’ll walk you through the typical steps of the escrow process and what homeowners like you can expect when selling a home in Indianapolis. I’ll also discuss how a direct sale to 317 Home Buyers can make the process much faster and less stressful.
Step 1: Opening Escrow
The first step in the escrow process is opening escrow. If you sell your house on the MLS, one of the real estate agents involved in the transaction will handle this step. They will send a copy of the signed purchase agreement to the title company, along with all of the contact info for the parties involved in the transaction. If you opt to sell your house to a Indianapolis cash home buyer like 317 Home Buyers, then we’ll send all of that info and the purchase agreement to the title company. The title company will then open a file and send out instructions to both parties on what they need to do next.
Step 2: Title Search and Insurance
While the buyer’s lender is working through their procedures and the home inspection is being done, the title company will begin researching the title for the property. They will verify that the property is free of any liens or encumbrances aside from the mortgage(s) that will be paid off with the proceeds of the sale. Once the title search is complete and the title is verified to be clear the title company will provide title insurance to the buyer.
Step 3: Home Inspection and Repairs
If you sell your house on the MLS, there’s a pretty high likelihood that your buyer is going to have a home inspection done. The home inspector will identify any issues with your property and then the buyer will have the opportunity to ask you to fix the things that they find to be unacceptable with the house. This won’t be “we don’t like the paint colors”, rather your buyer will be asking you to fix plumbing leaks, major electrical issues, mold, bad roofing, heating and air conditioning that don’t work as they should and other big ticket items. If you don’t have the cash to make these expensive repairs, you may be able to negotiate a credit for the buyer or drop the price of the home in order to satisfy the buyer. Alternatively, you could opt to sell your house to 317 Home Buyers. We buy houses in Indianapolis as-is so you don’t have to concern yourself with making any repairs at all.
Step 4: Appraisal
After the necessary repairs are completed, the buyer’s lender will usually request an appraisal of the property in Indianapolis. This appraisal is crucial to confirm that the property’s value aligns with the agreed purchase price. In cases where the appraisal indicates a value lower than the sale price, the buyer and seller can renegotiate the price down to the appraisal value or they can choose to cancel the contract altogether. It’s important to remember though – if your buyer was using an FHA loan then that appraisal will stay with the property for the next 6 months. Meaning, if you release this buyer and then another FHA buyer makes you an offer, you’ll still be bound by the value from the original buyer’s FHA appraisal.
Step 5: Closing
Upon successfully completing all the stages of the escrow process, you’ll be ready for the final step – closing day! This pivotal moment is when the official transfer of property ownership from the seller to the buyer takes place. A few days before hand, the title company will ask both the buyer and seller to verify the closing statement, to ensure that it reflects the sale of the property accurately. If you’re selling on the MLS then your agent will help you decipher all of the information and dollar values on the statement. After the closing statement is verified by both sides, the buyer and their mortgage company will wire all of the required funds to the title company. On the day of closing, the closing agent at the title company will oversee the signing of all essential documents and ensure the seamless transfer of funds. One major difference you’ll experience if you sell your house to a cash home buyer in Indianapolis is that we pay all the closing costs so there’s really nothing for you to decipher on the closing statement! All the costs appear on our side of the statement so your side will only show the price we’re paying for your house, any liens that you have to pay to clear the title, and how much cash you’re taking home from the closing. It really couldn’t be any simpler than to sell your house quickly in Indianapolis to 317 Home Buyers!
Why Choose 317 Home Buyers?
As I’ve said a few times already, with a direct sale to 317 Home Buyers the escrow process is far more efficient and soooo much faster. We’ll make an offer to bu your property and we can close the sale within days. This means that you can avoid the stress and uncertainty of the traditional escrow process and sell your house quickly in Indianapolis.
Additionally, it’s important to remember that a direct sale to 317 Home Buyers offers several other benefits. You won’t have to clean, stage or make repairs to your property because we buy houses in Indianapolis as-is, regardless of its condition. This can save you time, money and huge headaches – and make the process much more convenient.
Another benefit of a direct sale to 317 Home Buyers is that there are no real estate agent commissions or fees to pay. When you sell your property through a traditional MLS listing, you will typically need to pay a commission to the buyer’s agent and your own agent. This can add up to thousands of dollars in fees. With a direct sale to 317 Home Buyers, there are no commissions or fees to pay, which means that you can keep more of the sale price for yourself.
Finally, selling your house in Indianapolis to 317 Home Buyers offers certainty and peace of mind through our simplified process. When you sell your property through a traditional MLS listing, there is almost a constant risk that the sale will fall through during the escrow process. It could be the home inspection, the appraisal, the buyer just getting cold feet or any number of issues with the buyer’s lender. This can be devastating for homeowners who are counting on the sale to go through – especially those who are in a situation where they need to sell their house quickly in Indianapolis. With a direct sale to 317 Home Buyers, you can be confident that the sale will go through as planned and that you will receive cash for your property.
The escrow process can be a stressful and time-consuming experience for homeowners. However, there is a faster and less stressful option available – a direct sale to a Indianapolis cash home buyer like us here at 317 Home Buyers. With a direct sale to 317 Home Buyers, you can avoid the uncertainty and stress of the traditional escrow process and get cash for your property quickly. If you’re looking to sell your property in Indianapolis, contact 317 Home Buyers today to learn how we can help you. 317-623-4734