What is the Fastest Escrow Can Close?

If you’re selling a house and would like to close fast, you may be curious about how long the closing process takes. The legal process that the seller and buyer enter into while transferring ownership of real estate is typically handled by a title company or an attorney. Here’s a what to know about how the title process works and how quickly it can happen.

How long does it take to close on a house?

According to an Origination Insight Report published by ICE Mortgage Technology as of Fall 2023, the average time to close on a home purchase in the United States is 45 days. Keep in mind, this timeline pertains to a standard on-market sale, where Realtors® represent both the seller and buyer and the buyer is using financing through a mortgage lender. The time required to close on a property can vary widely.

What is escrow?

Escrow is a legal arrangement in which a third party temporarily holds money or property until a particular condition has been met (such as the fulfillment of a purchase agreement). The escrow period is the time between the accepted offer and the final document signing which closes the sale. How long escrow takes depends in part on how quickly you, as the seller, want to close. Title issues, financing contingencies (including appraisals) and the inspection process may also affect the duration of escrow.

How to open an escrow account

If you’re working with a Realtor®, it's likely that your agent will handle opening escrow for you. In a for-sale-by-owner (FSBO) or off-market sale, it's a good idea to allow a real estate attorney to open the escrow account. One of the benefits of selling your house off-market to CoreMark Homes is that we handle the entire home sale process—including opening an escrow account after you’ve accepted our offer.

What can delay closing?

One of the most common reasons a home sale gets delayed in escrow is when home buyers are using conventional lenders to finance the purchase. The buyer’s lender might find a problem with the appraised value of the property when compared to the home's purchase price. Another delay may arise from something that arises in the buyer’s personal finances or credit-worthiness. Other things that can delay closing, or even prevent the pending sale from moving forward, are issues that arise during inspection. Let's imagine some issue is reported on the inspection report the buyer(s) considers a deal-breaker. Major issues such as structural problems with the foundation, roof, dated electrical components or plumbing issues can send buyers and sellers back to the negotiating table. If no satisfactory resolution can be agreed upon, the sale may be voided. An off-market, as-is, all-cash sale is a great way to avoid delays in closing. If you're interested in a fast closing, CoreMark Homes may be an excellent buyer for you.

What are the advantages of a fast closing?

If you’re ready to have your home sold and move on with your life, speed and convenience might matter more to you than getting the highest possible dollar for your home. That is when considering an off-market, as-is, all-cash sale may be your best bet. CoreMark Homes is a cash buyer with no mortgage application to delay closing. Upon receiving clean title, we can close in as little as 72 hours. Perhaps you already have an accepted offer on a new home and need the proceeds from your current home to fund the purchase. Perhaps you're relocating for a new job and have strict time constraints. Or perhaps you’ve been through personal hardship and the last thing you want to think about is details revolving around the sale of a home. In any of these circumstances, an as-is cash sale with CoreMark Homes will ensure a prompt smooth closing.

CoreMark Homes | How it Works

Once a seller accepts an offer from CoreMark Homes, here are the steps your home sale will go through:

Opening an Escrow Account

When a purchase agreement is signed, we open an escrow account. Escrow is managed by a trusted network of licensed escrow companies. Your escrow officer will gather documents from all parties, collect funds, and distribute proceeds.

Title

We also use a third party title company to research the history of the property and discover any liens that may be recorded against the property. The title company will also record the transfer of the deed with the official county records department when escrow closes.

Home Inspection

We will perform a third party home inspection. The inspection typically takes 60 - 90 minutes and will be performed by a licensed home inspector. The home inspection helps our construction team confirm their initial budget and will also let us know of any issues that may have been missed during our initial appointment.

Disclosures

Each state requires different disclosures to be signed by both the buyer and seller during a real estate transaction. Our closing team will provide these to you for completion and are able to answer any questions you might have during the process. All paperwork requiring signatures will be delivered to you via DocuSign, for electronic signature or a mobile notary.

Closing

Once the property is vacant, we will do a quick walk through to confirm the condition of the property has not changed. You have the option to close in as little as 3 days, or take your time and close up to 90 days after accepting our offer. If you are ready to list your property, we would love to purchase your home today “as-is”. Find out how much you can save on closing costs and other home-selling expenses with a free quote. For additional information about the selling process, view our article titled How it Works.