Step 8: Escrow Process
- 01Seller's Guide
- 02Step 1: Seller's Consultation — Laying the Foundation
- 03Step 2: Strategic Review — CMA, Setting Price, Marketing Review, and Sign Listing Agreement
- 04Step 3: Preparation — Setting the Stage
- 05Step 4: Marketing Asset Development — Media, Narratives, Pictures, Videos
- 06Step 5: Launch and Showcase — Release Listing and Show
- 07Step 6: Offer Review & Negotiation (Purchase Contract)
- 08Step 7: Open Escrow — Offer Accepted
- 09Step 8: Escrow Process
- 10Step 9: Closing Preparation
- 11Step 10: Closing
Seller process is a different process than Buyer’s process. While it depends on buyer, the escrow process is smoother with good preparation. For mostly the ball is in buyer side. There are generally two main contingencies which seller need to be aware of.
- J1 Inspection Contingency: Almost all transaction in Hawaii has this due diligence contingency which allows buyers to conduct any inspection and investigation of the property. It is typically 14 days but depends on the deal. At the end of inspection period buyer will: A. Release the contingency B. Negotiate Repair request C. Cancel the escrow with full refund of the deposit.
- Financing Contingency: It is very important to stay on top of Buyer’s mortgage process. Communicating with buyer’s lender, appraiser sometime make world of difference.