Central Oregon real estate transactions are generally closed through an escrow and title company. One of the most common questions out of area buyers or sellers asks is how long does escrow take.
The question insinuates that the escrow company has control over how long escrow takes. The Title and Escrow Company can complete all the tasks necessary to close a transaction in a matter of days in most cases. The escrow agent is in charge of the money – and being a neutral third party. The Title side is responsible for providing information on the title (deed). The buyer, buyer’s agent, seller and seller’s agent will receive a copy of a report called a Preliminary Title Report. All parties should review this report looking for, easements, liens, and title issues and so on. The title company will also provide a copy of the CC&Rs.
Getting back to the question – how long does escrow take? It depends; because escrow is a neutral party they cannot act without permission or written instructions from all parties. Different factors will increase or decrease the time escrow will take, below is a quick list and a little about how the effect escrow.
- Loan Process – the loan process has several steps and some lenders take longer to “fund” your loan than others. This can vary from buyer to buyer, depending on what documentation your lender needs.
- Appraisal – in today’s market the appraisal must be ordered after other steps are taken, such as having a fully executed earnest money agreement.
- Seller’s ability to provide a clear title – generally this delay is caused when a home is bank owned and there are issues the bank may not have had the time to clear up or did not know about until the preliminary title report has been issued.
- Home Owners Insurance – a buyer must be able to secure a binder for home owners insurance. Although this sounds like an easy task, occasionally there is a glitch.
- The Date You Set – in every Oregon earnest money agreement there are specific timelines to be met. One of them is the closing date. The closing date is agreed to by all parties when an offer is accepted. Although you may have a date set, be aware that delays are not unusual in the real estate environment of today.
Having a real estate professional that is aware of current time lines, local issues and so on can and will make your escrow go more smoothly. I specialize in your Central Oregon real estate needs in La Pine, Three Rivers South, Sunriver and all of Deschutes County.