35 Day Escrows~A compromise we can live with

In today's limited inventory housing market, having a close of escrow date in the not so distant future always makes a seller (whether a bank or an owner) feel better. But with the changing mortgage market and the disclosures and waiting periods being put into place by the government, accepting a contract with a 35 day escrow may save everyone multiple headaches. The new HERA/MDIA laws require a 4 day disclosure period before an appraisal can be ordered/paid for. If a buyer's agent writes a contract with a 35 day close of escrow, the first four days of the waiting period are no longer a detriment to closing on time. Agents make sure that you write the time frame to begin upon buyer's lender's receipt of fully executed written contract. Everyone is protected, and the 35 days should be a close date that everyone should be able to meet.