Who Holds Escrow in an FSBO Sale?
You've decided to sell your home on your own, but now you're wondering: who holds escrow in an FSBO sale? As a homeowner in Virginia, you're likely aware of the state's 'buyer beware' status, which means you'll need to disclose known defects upfront. But what about escrow, and who's responsible for holding it in an FSBO sale?
Who Holds Escrow in an FSBO Sale?
In Virginia, when selling a home without an agent, the seller is typically responsible for holding escrow until the sale is complete. This means they'll be responsible for managing the escrow account and ensuring that funds are held safely until the sale is finalized.
However, if the seller has obtained an escrow agreement with a third-party escrow company, the terms of the agreement may dictate who is responsible for holding escrow. It's essential to carefully review the agreement to understand the terms and conditions.
It's also worth noting that some states require an escrow agreement when selling a home without an agent, while others may not. In Virginia, the Residential Property Disclosure Statement requires sellers to disclose known defects, but it does not address escrow directly.
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What Virginia Homeowners Should Know First
Virginia is a 'buyer beware' state using the Residential Property Disclosure Statement, but sellers still cannot actively conceal known defects. That matters no matter how you sell — to a cash buyer, through an agent, or on your own. Being upfront about the property's condition protects you legally and actually speeds up a cash sale, because investors price the repairs in from day one.
Virginia uses fast non-judicial foreclosure — a home can go from notice to auction in under 60 days, so acting early matters more here than almost anywhere. Timing is the single biggest lever you control. The earlier you explore your options, the more of them you have.
How a Cash Sale Actually Works
The process is simpler than most sellers expect: you share the property address and a few details, receive a written offer (usually within 24-48 hours), pick your own closing date, and sell completely as-is — no repairs, no cleaning, no showings, no agent commissions.
Virginia's grantor tax and regional congestion taxes are modest, and in a cash sale there are no lender fees at all. A reputable buyer will walk you through the numbers line by line so you know exactly what you'll net at closing before you sign anything.
Talk Through Your Options — Free, No Pressure
Every situation is different. Book a free consultation and we'll walk through what your Virginia home could sell for — cash offer or otherwise.
Or call us now: (667) 646-8306
Frequently Asked Questions
How fast can I sell my house in Virginia?
With a cash buyer, most sales close in 7-21 days from the first phone call. You pick the closing date — we've closed in under a week when a seller needed it, and we can also wait if you need more time to move.
Do I need to make repairs or clean out the property?
No. Cash buyers purchase strictly as-is. Leave behind anything you don't want — furniture, junk, even a property full of belongings. The offer already accounts for the condition.
Are there any fees or commissions?
No agent commissions and no hidden fees. In most of our purchases the seller's closing costs are covered, so the offer you accept is very close to the cash you walk away with.
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