Closing Escrow Quickly

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Closing Escrow Quickly

During the escrow process, the seller, buyer and escrow officers work together in achieving a quick escrow closing. Escrow closing can last from just a couple of days to months, depending on the motivation of all involved and any contingencies that may crop up. Most real estate transactions close within a month to 45 days from the point of sale contract signing. During this time, financing is set up, home inspections are completed, and all the paperwork is drawn up and signed. Looking to speed this process up? Follow these tips.

 

Cash is King


You can speed up escrow closings fairly quickly if you put cash into a dedicated escrow account that your officer can dip into to pay for necessary things such as recording fees and title searches. Having that cash readily available means minimal delays.

 

Check in Frequently


Because there are considerable papers and documents to be prepared and signed between the lender escrow officer, buyer, seller, inspector and title officer, this can make for some time-consuming back-and-forth between all parties. Some professionals communicate these forms via email while others require the use of good old fashioned snail mail. The movement of paperwork can be severely slowed down by this process if you're not on top of things. Call your officer on a regular basis, every day if you have to, to ensure the paperwork is being processed quickly and not sitting on someone's desk for days.

 

Comply with Directions


Supply your lender with the necessary paperwork on time, from tax records to employer reports regarding income. Do it quickly and do it right. Failure to provide the right documents -- signed if necessary -- can inhibit the escrow process. Follow all checklists to ensure you've met all the requirements.

 

Arrange Inspections


Often times, waiting for the home inspection to take place takes up a big chunk of time. Arrange these inspections and sign any documents needed to get the process going with your inspector. From roofing to termite inspections, make sure the inspectors fill out these reports quickly -- again, follow up daily if you have to -- and offer to help out the real estate agent with inspection appointments if you feel the process is moving too slowly.

Anything you can do to become an active participant will help to ensure a rapid escrow closing.