When selling your home, the escrow process can feel overwhelming, especially if you’re unfamiliar with the steps involved. Escrow is the period between accepting a purchase agreement and officially closing the sale, during which both the buyer and seller work to complete the necessary tasks to finalize the transfer of ownership. While this process can be time-consuming in a traditional MLS transaction, selling directly to Sonni Buys Fast makes things much simpler and faster.
In this blog, I’ll explain the typical steps in the escrow process when selling a home in Detroit and how a direct sale to Sonni Buys Fast can save you time, stress, and money.
Step 1: Opening Escrow
Once a purchase agreement is signed, escrow is officially opened. The buyer’s agent or attorney typically sends the signed agreement to an escrow or title company. They create a file for the transaction and provide instructions for both parties, outlining the next steps.
Step 2: Title Search and Insurance
The title company performs a title search to ensure the property has no liens, disputes, or other encumbrances that might block the sale. They also issue title insurance to protect against future claims on the property. This step ensures a clear title can be transferred to the buyer.
Step 3: Home Inspection and Repairs
Most buyers schedule a home inspection during escrow. The inspection reveals any issues with the property that need addressing. Sellers are often required to handle repairs or offer credits to cover the costs, which can delay the process and increase expenses.
Step 4: Appraisal
If the buyer is financing the purchase, their lender will order an appraisal to confirm the property’s value matches the agreed-upon price. If the appraisal comes in low, the deal might need renegotiation or additional repairs to meet the required value.
Step 5: Contingencies
Sales often include contingencies—conditions that must be met before closing. These might involve the buyer securing financing, the seller completing repairs, or other specific terms. The escrow company oversees this process to ensure all contingencies are satisfied.
Step 6: Closing
Once all requirements are met, closing day arrives! Ownership is officially transferred, funds are exchanged, and the deal is finalized. Escrow ensures all documentation is signed and the transaction is legally binding.
How Sonni Buys Fast Makes Selling Easier
While the traditional escrow process involves many steps and potential delays, selling directly to Sonni Buys Fast streamlines everything. Here’s how:
1. Skip the Traditional Escrow Process
With Sonni Buys Fast, you don’t have to navigate the lengthy escrow timeline. I’ll make you a fair cash offer, and we can close in as little as a week—sometimes even faster.
2. No Repairs or Inspections
You won’t need to worry about scheduling inspections, fixing issues, or offering credits. I buy houses as-is, saving you time, money, and hassle.
3. No Appraisals or Contingencies
Since I buy homes with cash, there’s no need for appraisals or financing contingencies. This removes significant obstacles that often delay or derail traditional sales.
4. Avoid Commissions and Fees
When you sell your house through a real estate agent, commissions can eat into your profit. With Sonni Buys Fast, there are no commissions, hidden fees, or closing costs. You keep more of your money.
5. Peace of Mind
Selling through the MLS can be unpredictable, with deals falling apart late in the process. When you sell to Sonni Buys Fast, you’re guaranteed a smooth transaction and quick cash payment, providing certainty and peace of mind.
Why Work with Sonni Buys Fast?
I understand that every homeowner’s situation is unique. That’s why I tailor my process to meet your needs, whether you’re dealing with foreclosure, managing an inherited property, or simply ready to move on quickly. My goal is to make selling your home in Detroit as easy and efficient as possible. You deserve a stress-free experience and a fair offer for your property—no strings attached.
Let’s Make Selling Simple
The traditional escrow process can feel overwhelming, but selling your home doesn’t have to be complicated. At Sonni Buys Fast, I make the process fast, fair, and stress-free. Whether you’re facing foreclosure, dealing with a property in disrepair, or just need to sell quickly, I’m here to help.
If you’re ready to sell your house fast in Detroit, give me a call today at 248-207-6251 or fill out the contact form on my website. Let me help you move forward with ease!