Understanding the Escrow Process
Buying or selling a home in Phoenix, Arizona, is an exciting step—whether you’re searching for new homes for sale in Phoenix, eyeing luxury homes for sale in Phoenix AZ, or listing a property in Gilbert. But to complete any successful real estate transaction, it’s crucial to understand the escrow process.
Escrow is the phase between contract acceptance and closing that ensures all legal and financial steps are properly executed. This guide breaks down the 8 essential steps of the escrow process for Arizona homebuyers and sellers, with a focus on those working with Keller Williams Realty East Valley.
Whether you’re exploring new construction homes in Phoenix, shopping for Phoenix homes for sale with a pool, or looking for new construction homes in Gilbert AZ, this article is your essential roadmap.
Step 1: Earnest Money Given to the Title Company
Once your offer is accepted, the buyer deposits earnest money with the title company—showing serious intent to move forward. This is especially important in Phoenix’s competitive real estate market, where real estate agents in Phoenix AZ recommend standing out with strong offers.
Step 2: 10–14 Day Inspection Period
This is the buyer's opportunity to hire a professional inspector and uncover any potential issues. Even if you're buying a new construction home in Phoenix or in a growing area like Gilbert, this step is critical.
Step 3: Buyer’s Repair Requests
If issues arise from the inspection, the buyer may submit repair requests or negotiate a credit. Whether you're purchasing in Downtown Phoenix, Arcadia, or a new home development in Gilbert AZ, experienced real estate agents in Phoenix Arizona will help you advocate for fair terms.
Step 4: Seller’s Response & Buyer’s Election
The seller responds by agreeing to some, all, or none of the requested repairs. The buyer can then decide whether to proceed or walk away. Working with the best real estate agents in Phoenix or Gilbert real estate agents is key at this stage.
Step 5: Appraisal Ordered by Lender
If financing is involved, the lender will order an appraisal to confirm the property's market value. This is vital for Phoenix homes for sale with a pool or luxury homes for sale in Phoenix AZ, where features like outdoor spaces and upgrades can impact value.
Step 6: Buyer’s Final Loan Approval
Once the appraisal is complete, the buyer secures final mortgage approval. Lenders will re-check financials and confirm that the borrower meets all underwriting conditions. This is where top real estate agents in Phoenix AZ provide valuable support to ensure everything is on track.
Step 7: Final Walkthrough & Signing
Before closing, buyers conduct a final walkthrough to ensure the home is in the expected condition and that any agreed-upon repairs are complete. This applies whether you’re buying a new construction home in Gilbert, a resale in Phoenix, or anything in between.
Step 8: Close of Escrow
Once everything is finalized, the title company records the sale, funds are released, and the keys are handed over. Congratulations—you’ve officially bought or sold your Arizona home!
Whether you found your dream property through Zillow, a private listing, or via a top realtor in Phoenix AZ, this marks the official close of the transaction.
Why Choose the Stratton Group at Keller Williams Realty East Valley?
At Keller Williams Realty East Valley, the Stratton Group, an A+ rated Better Business Bureau company, brings together some of the best realtors in Phoenix AZ and real estate agents in Gilbert who specialize in everything from new construction homes Phoenix to luxury listings and affordable starter homes.
We are proud to be part of Keller Williams Realty East Valley, known for delivering a seamless, data-driven experience for our clients. Whether you’re searching for Keller Williams Gilbert listings, or need guidance from real estate agents in Phoenix, our team is here to help you every step of the way.
