Escrow Countdown and Contingency Removal
Great blog. We just put properties in escrow and the countdown begins especially these 2 properties are Short Sale listings. On a positive side, just closed a Short Sale listing in South San Francisco, and the time line was great, closed on time!
As I said last week, when the the offer is accepted the two main hurdles that need to be passed are the property contingencies and the finance contingencies. These can take time but the removal of these contingencies have been given specific performance dates, and all tasks will be performed within the close of escrow date.
Sometimes banks will come up with new conditions that need to be met, or there may be additional financing hiccups along the way. Essentially the lenders are verifying that all runs well with the payoff of your mortgage and the establishment of a new loan and mortgage for the new buyers. Should something take more time than anticipated, contingency removal dates may have to be lengthened.
Regarding the property contingency, it’s also a time for the buyer to do some extra research on the area. They may come by in the mornings to see how long the morning commute to work, or or check into the schools in the area. Once the property contingency is removed, you have moved pass that hurdle.
Now it’s just waiting for all the paperwork on the back end to finish and meeting at the title office to sign papers!
Check out my video on this on YouTube!
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