Your Home Buying Solution for Hilton Head Island, SC and Bluffton, SC Real Estate

Escrow Timeframes For Your Old and Hilton Head Homes
   
Your old home and new Hilton Head home will go through the same basic escrow process. While the timeframes can be compressed or extended some, here’s what you can expect in escrow.

Week 1

•    The agent for the buyer or seller opens escrow.
•    The MLS status is changed to Pending.
•    The buyer places a good faith deposit in escrow.
•    The buyer selects an inspector and schedules a home inspection.
•    The lender works on getting all the loan conditions met, including pay stubs, bank statements, title reports, the appraisal report, etc.
•    The seller’s agent provides disclosures signed by the sellers to the buyer’s agent to get signed and returned.
•    Escrow sends out instructions and paperwork for both parties to sign. This clarifies the contract and authorizes escrow to order loan payoff statements, title reports, etc.
•    The lender orders an appraisal.

Week 2

•    Home inspections usually occur in Week 2. The buyer and agent go over the report and request repairs from the seller, if necessary.
•    Appraiser does the appraisal of the property.
•    Escrow requests additional information if necessary, including CCRs from the homeowner’s association, if required.
•    Preliminary Title Report is secured and must be reviewed by all parties involved and signed off.
•    Contingencies for the condition of the property, appraisal and disclosures are removed from all the paperwork.

Week 3

•    Appraisal is received by the lender.
•    The lender ensures all the paperwork required to approve the loan is present and correct and gives final approval to the loan.

Week 4

•    The loan officer orders all the “loan docs”.
•    The buyer goes in to sign all the docs. This can happen anywhere from 10 days to the day before close of escrow. Docs are usually signed in escrow.
•    Once the docs are all signed they are sent back to the lender for final review. This can take one or more days.
•    When the docs are approved, the loan is funded.
•    After it is funded, the escrow officer will set up a sale to record at the county recorder’s office. This usually occurs in the morning.
•    The escrow agent will then call and confirm the recording. The sale is now considered closed and escrow begins the process of dispersing the funds.
•    The listing agent changes the MLS status to “Sold/Closed Sale” and you can get the keys to your new Hilton Head home.