Skip to main content
How to Sail Through Escrow, www.sonjabush.com, Mammoth Lakes

The term ‘Escrow’ can bring a lot of fear to home buyers, simply because they do not understand what it really means.

What is Escrow?

An escrow account is essentially a holding tank. During a real estate transaction, the escrow officer—usually a lawyer or title company representative—holds all the important documents and deposits while the buyer and seller work out the details.

Once you and the seller have signed a mutually acceptable purchase agreement, your agent will collect your earnest money check and deposit it in an escrow account at the escrow company specified in the purchase agreement.

The escrow officer makes sure the closing goes smoothly and everyone gets paid what they’re owed. After the closing, the escrow agent records the deed and title transfer that make the home officially yours.

Many mortgage lenders hold money in escrow to pay property taxes and insurance. Each month, you pay a portion of the estimated annual costs along with your principal and interest.

At the end of the year, the lender adjusts your monthly escrow amount based on the actual tax and insurance bills. If you were short, you’ll generally be allowed to spread the difference out over the coming year. If you paid in too much, the lender will refund your money.

Back to the escrow or closing steps. All documents will be gathered, to include titles, reports, deeds, and any other documents needed for the real estate transaction.

The bank providing the mortgage will do its own appraisal of the property (which the buyer usually pays for) to protect its financial interest. If the appraisal comes in lower than the offered price, the lender will not give you financing unless you are willing to come up with cash for the difference or the seller lowers the price to the appraised amount.

Any contingencies (repairs or replacements) must be completed before closing. Contractors can inspect the home and add to a list of repairs such as loose tiles or broken countertops. Buyers can also add to this list.  The seller agrees to repair and pay for those expenses before the buyer pays for the house. Certain contingencies also have the understanding that the buyer can agree to sign the dotted line, but aren’t obligated to pay until the seller has completed those repairs.

The Final Walk-through is the last step of the escrow process. If the seller fails to meet a contingency, the escrow process ensures that no monies are exchanged until both parties meet their obligations. If the walk-through meets with all parties’ satisfaction, everything is complete and all documents are signed, the seller’s money is released from escrow and the buyer receives the keys to their new home.

Sonja Bush is an experienced First Home, Second Home and Vacation Home Realtor in Mammoth Lakes ready to help you through the entire buying or selling process, including escrow. Call her today at 661-979-9000 to discuss your home buying or home selling needs, or email her at [email protected].

Follow Along on Instagram

You’re probably well aware that mortgage rates are rising. At the same time, home prices don’t seem to be coming down, there’s still a ton of competition, and you’re probably no stranger to bidding wars when you make an offer on a house. More in my blog. Link in Bio...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate #realestatetips #realestatetipsandtricks
...

2 0

Attended the ribbon cutting for Mammoth Lakes new Disc Golf Park. Such a beautiful course built in our local paradise. A lot of work by local individuals, business and town government came together to make this happen. THANK YOU! Check it out next time you are in town! I have never played but I am going to learn! #mammothlakesrecreation #townofmammothlakes #lovewherewelive #paradise ...

16 1

Preparing for summer in Mammoth like...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

10 0

"Thank you so much for your guidance and expertise in helping us to buy our dream home.
I am so grateful for your hard work and patience with all our questions at every step of the process. I genuinely trusted that you were looking out for our best interests and had our backs throughout this exciting and stressful process."

-Andrew & Cara

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #testimonials
...

7 0

Whew! This was only a 7 day escrow and we did it! So many offers on this one but the CASH offer with a quick close was just what my client was looking for! Thank you to Sara Knadler for bringing a quality buyer and for a smooth transaction. Sierra Escrow made it happen!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

10 0

OPEN HOUSE
33 Kelley Road

Sunday, May 22
10 AM - 1 PM

Stop by and view this immaculate and beautiful 3 bedroom / 2.5 bath move in ready home. A rare find for such an amazing location and quality construction. The placement of the home on the lot is off-set from neighboring homes providing a true sense of privacy.

LINK IN BIO FOR DETAILS
...

3 0

Eric Van Winkle making a difference on Town Clean Up Day this past weekend! Way to represent Eric and the Mammoth Lakes Board of Realtors! #mammothlakes #TOML #communityspirit #towncleanupday #loveourcommunity ...

7 0

Swimming with dozens of Black Tip sharks and rays was exhilarating and fun (well after I got over my initial hesitation)! The water was so clear and these creatures were quite social! The tour was amazing - we went on to see a 12 foot Eagle ray below us while snorkeling! #tripofalifetime #conradboraboranui #pinchme #godisgreat #lifeisgood #blacktipshark #borabora #porapora @johnbushmammothloco ...

22 7

Today is the first day of Day Pass Reservations for Yosemite National Park! If you're in the area remember to make sure you have a reservation to get into @yosemite this summer!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #summerfun #yosemite #nature
...

27 1

OPEN HOUSE
33 Kelley Road

Sunday, May 22
10 AM - 1 PM

Stop by and view this immaculate and beautiful 3 bedroom / 2.5 bath move in ready home. A rare find for such an amazing location and quality construction. The placement of the home on the lot is off-set from neighboring homes providing a true sense of privacy.

LINK IN BIO FOR DETAILS
...

7 0

I know it's something we don't want to think about... but with technology today a seller can be listening or recording you while you view their home. Make sure to be conscious and aware of that and always share your opinions outside or quietly.

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate #realestatetips #realestatetipsandtricks
...

7 1

Make sure to show your love and support as we go into the busy summer season to all the amazing workers who make Mammoth such an amazing, beautiful, and safe place to live. Thank you to all our rangers, forest service, hospital workers, police, first responders, SAR members and more!

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

25 0

That’s a wrap! 40th anniversary trip was AMAZING - don’t know where we could possibly go from here!! Truly a trip of a lifetime. So grateful ❤️ Headed back to reality tonight with arrival in 🇺🇸 tomorrow. Photos coming soon 🌴 #borabora #conradboraboranui #loveourlife #ThankYouGod #lovetotravel #pinchme @johnbushmammothloco ...

77 4

My buyers missed out in a multiple offer situation earlier this year and it happened for a reason. 924 Links Way was meant to be their Mammoth Lakes home! It is perfect for them. Things happen for a reason, right? So excited!' @side_realestate

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

7 0

Who's coming for a hike with me?! Any guesses which lake this is?

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

7 0

Flipping homes is a popular practice—and, when done right, buying a flipped home can be a good investment. I have seen some really nice ones in Mammoth Lakes.

But not all flipped homes are created equal—and if you want your home purchase to be a good investment, you need to avoid cheap, poorly done flips.

So how, exactly, do you do that? Read about it in my blog! Link in bio...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate #realestatetips #realestatetipsandtricks
...

4 0

Who says back up offers never become reality? Sometimes when another offer is selected, we ask to be put in back-up position. Some agents say this is a waste of time. NOT ME! This is a perfect example of the original buyer changing their mind and because we did the paperwork to be in Back Up #1 position, we are now in escrow! My clients will be the owners of this gorgeous 3 bedroom townhome near The Village at Mammoth before the end of May! @side_realestate

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle #dailylife
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #mammothmountain #monocounty #mammothhomes #monocountytourism #monocountyrealestate
...

7 0

It may not seem like it but as a buyer time CAN be on your side. Link in bio for my blog...

#mammothlakes #californialife #sierra #easternsierra #mammothlife #vacationliving #mammothlifestyle
#sonjasellsmammoth #mammothcondos #mammothrealestate
#destinationmammoth #destinationrealestate #monocountyrealestate #realestatetips #realestatetipsandtricks #realestateagentlife
...

6 0

Let’s Talk

You’ve got questions and we can’t wait to answer them.

We use cookies and tracking technology in connection with your activities on our website. By viewing and using our website, you consent to our use of cookies and tracking technology in accordance with our Privacy Policy.