Myrtle Beach Real Estate Blog

What is the Escrow Period? A Guide for Home Buyers

Everything You Need to Know About EscrowThe escrow period is an exciting and stressful time during the home buying and selling process. Home buyers who understand the escrow period and know what to expect while it's happening may find the escrow process to be less stressful.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

What Is the Escrow Period?

The escrow period is the period of time that occurs after the home selling contract is signed, before the house transfers ownership. The escrow period begins when the home buyer writes a check for a deposit on the house. This check is referred to as earnest money.

During this time, earnest money is usually protected by an independent third party business, either a title company or an escrow company. Sometimes, the escrow and title companies perform the same functions. Escrow companies act as the stewards of the earnest money. Escrow companies also manage the documents required to purchase the home.

The escrow period usually lasts from 30-60 days. During the escrow period, the home sellers pack their belongings to move out, and work with their real estate agent to ensure that the sale of the home goes smoothly. They may also accommodate the buyers, through their own real estate agent, when they need access to the home. Buyers are also usually very busy during the escrow period....

Forget the Myths: Millennials Really Are Buying Homes

Millennials Have Become a Real Estate Market PhenomenonMillennials actually became the major force in the home buying market nationwide this year, and their thirst for the ownership experience isn't likely to fade, according to market analysts. So forget the myths about Millennials, they are currently buying homes!

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

A New Market Force

The Millennial age group, comprising buyers born between 1980 and 2005, now represents 35% of the real estate market, with 65% of them first-time buyers, according to a 2018 Market Report released by the National Association of Realtors.

The same report notes that Millennial buyers are more mobile than preceding generations, and do not hesitate to move to new locations, but they are also more apt to buy homes that they intend to stay in for a longer period of time than their parents or older siblings. These buyers no longer consider first homes simply starter homes.

Interestingly, younger buyers have become interested in older homes, not to fix and flip, but to renovate and live in. Ironically, it was baby boomers who are selling these types of homes and moving to urban condos or active adult communities....

How to Win a Bidding War When Buying a Home

Tips for Winning a Bidding WarSome home buyers are finding themselves facing stiff competition when it comes to finding and closing on a home in areas with few properties available. Hot real estate areas such as those in Seattle or some cities in California, can see homes have multiple offers the day the home goes on the market. In many cases, the home actually goes for over the asking price.

Even in cities like Phoenix and Dallas, homes in certain areas and in certain price ranges, may quickly receive several offers once put on the market. In worse cases, a prospective buyer may find that a seller may have as many as 10 buyer offers on the table when they initially list a home. How can potential buyers hope to compete with other buyers in a multiple offer situation?

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Perform Research

Home buyers need to know the community where they will be searching and what they desire in a new home. Get an overview of current property values with beginning asking prices and whether homes generally sell at above or below asking prices. Begin your research at...