Author Topic: How long does a normal escrow take and what's involved?  (Read 1445 times)

spartana

  • Handlebar Stache
  • *****
  • Posts: 1373
  • FIREd at 36
How long does a normal escrow take and what's involved?
« on: May 18, 2023, 08:36:41 AM »
I rent an ADU/back house on a SFH property which was just sold on Tuesday (6 days from listing!). I was a month into a longer trip but came home once I heard it was listed thinking it would be a long process. Apparently I was wrong.

So in a normal house sale, when tenants are staying on in the property after its sold (or an unattached part of the property in my case)  how long does the escrow process take (inspections, termite stuff, any repairs, appraisals, etc) and how invasive would it 've to the tenant? I sold my own paid off home during the pandemic to a cash buyer investor who was going to (and did) tear it down so no inspections etc needed. So super short escrow with minimal hassle so not experiened with this and deciding if I should continue my trip or stay put until escrow closes.

clarkfan1979

  • Magnum Stache
  • ******
  • Posts: 3556
  • Age: 45
  • Location: Pueblo West, CO
Re: How long does a normal escrow take and what's involved?
« Reply #1 on: May 18, 2023, 08:56:12 AM »
I rent an ADU/back house on a SFH property which was just sold on Tuesday (6 days from listing!). I was a month into a longer trip but came home once I heard it was listed thinking it would be a long process. Apparently I was wrong.

So in a normal house sale, when tenants are staying on in the property after its sold (or an unattached part of the property in my case)  how long does the escrow process take (inspections, termite stuff, any repairs, appraisals, etc) and how invasive would it 've to the tenant? I sold my own paid off home during the pandemic to a cash buyer investor who was going to (and did) tear it down so no inspections etc needed. So super short escrow with minimal hassle so not experiened with this and deciding if I should continue my trip or stay put until escrow closes.

If it's a cash deal, it can close within 14 days. However, you still have tenant rights that are going to be state specific. In Colorado, a month to month tenant gets a minimum of 30 days notice to vacate. In Hawaii, a tenant gets 45 days notice to vacate. The notice to vacate can come from the current owner before closing or it can come from the new owner after closing.

I would contact your landlord and ask them the closing date and if the new owners are interested in you staying. 

GilesMM

  • Magnum Stache
  • ******
  • Posts: 2532
  • Location: PNW
Re: How long does a normal escrow take and what's involved?
« Reply #2 on: May 18, 2023, 08:57:07 AM »
Ask your landlord for guidance on all this. We can only speculate.

GilesMM

  • Magnum Stache
  • ******
  • Posts: 2532
  • Location: PNW
Re: How long does a normal escrow take and what's involved?
« Reply #3 on: May 18, 2023, 10:09:59 AM »
Ask your landlord for guidance on all this. We can only speculate.
I don't think they know themselves yet  lol.


Their contract has a closing date and inspection clause.

Ladychips

  • Handlebar Stache
  • *****
  • Posts: 1625
Re: How long does a normal escrow take and what's involved?
« Reply #4 on: May 18, 2023, 02:58:44 PM »
I suspect every state is different.  In my state, it is standard to have 10 days to complete any inspections (that might lead to renegotiation). Closing used to take 30 days but now takes about 40 days. I have no idea how close that is to what happens in California.

GilesMM

  • Magnum Stache
  • ******
  • Posts: 2532
  • Location: PNW
Re: How long does a normal escrow take and what's involved?
« Reply #5 on: May 18, 2023, 10:16:59 PM »
Sounds good. I would carry on as if nothing happened.