The Escrow Process on a Mobile Home Cash Buyout is different than on a typical sale. There is no loan contingency. This is why an all-cash buyout is a faster process – there’s no waiting for financing approval.
But what is escrow? What does it mean to go “under contract?”
Escrow is the process in which a neutral company manages the exchange of funds and documents during the transaction. The escrow officer is responsible for tracking deadlines, terms of the executed agreement and bringing the deal to closing.
Escrow instructions are an outline of all items in the purchase contract such as price, closing date, amount of earnest money, etc.
Closing documents are documents both parties sign to complete the sale.
Funds transfer. The investor will wire the funds to the escrow company and escrow will transfer the funds to the seller.
Recording. Recording establishes the investor as the new owner of the property. In the case of mobile homes in California, this will be when the Department of Housing & Community Development completes the transfer of the title.
Moving on! After escrow closes and you have the funds wired to your bank, you can move onto the next phase of your life. Congratulations.