Selling Roadmap :: Salt Lake City Real Estate

Step 5 :: Escrow, Inspections, and Appraisal

During this stage of the Salt Lake City home selling process, the buyer will learn a lot more about the property you are planning on selling.

What is Escrow?
In a nutshell, escrow begins when your earnest money deposit and purchase offer is accepted by the seller. Escrow ends when you become the official new owner, registered in the county records.

Title Company
In our area, the buyer and seller each select a title company (typically it is the same title company). The title company will research the complete recorded history of the property, to make sure that the title is free and clear of all encumbrances by the date of closing and that all new encumbrances are properly added to the title. You will receive a copy of the “preliminary report”, which The Bryant Group can explain to you.

Contingencies
Most purchase agreements provide the buyer with specific amounts of time to inspect the Salt Lake City property, review the preliminary title report and all disclosure documents and obtain financing and insurance before they must actually complete their purchase of the Salt Lake City property. At the successful conclusion of each of these milestones, the buyer will remove that contingency of their purchase and move one step closer to the close. Or, the buyer may use information they have learned to request a renegotiation of the terms of the contract (often the price). This is when an objective, experienced listing agent can really make a difference by helping you make an informed decision on how to respond to the buyer.

Inspections
The buyer has the right to have a wide variety of property inspections to determine the property’s condition and the cost of any impending repairs or upgrades. Inspections may include roof, termite/pest, chimney/fireplace, property boundary survey, well, septic, pool/spa, arborist or mold.

Appraisal and Loan Approval
The Bryant Group recommend accepting offers from buyers who have a lender’s pre-approval letter, which is stronger than a pre-qualification letter. Later, the lender will send an appraiser out to the Salt Lake City property, to ensure the property is worth the sales price.

Time to Start Packing
We can recommend when it is time for you to start packing, based on our vast experience with transactions similar to yours. Too soon, and you risk having your house in upheaval right when a buyers’ offer falls apart or when we need to begin showing your home to prospective buyers again.