Follow These Steps to Ensure a Successful Escrow Process for You
If you are going to buy or sell a home, then you are going to have to go through the escrow process. Many homeowners and homebuyers do not really understand what escrow is or how they can ensure a positive experience. The key is to work with the right escrow company. However, there are some other steps you can take to set yourself up for success.
Work with a Realtor Who Knows What They’re Doing
The first and most important thing you can do for yourself is to get a Realtor you trust. They are there to walk you through the entire process, from start to close. They will generally set up the escrow with an experienced company like Neighborhood Escrow that can handle the escrow process.
Sellers Should Provide All Necessary Information
If you have a home listed for sale, you want to sell it – that is self-evident. Unfortunately, sometimes people get so caught up in the idea of selling quickly that they might overstate certain aspects of their home or not mention others. This only leads to delays as an inspection comes through, and the potential buyers become aware of the issue.
Buyers Should Get Pre-Approved
It is now standard for borrowers to get pre-approved before they start looking for a home. This of course ensures that they can get a loan in the first place, but it can also act as a reality check on how much it will actually cost to buy a home in their selected price range. While online sites like Zillow can be helpful, they also often give a monthly payment amount that leaves out escrow and taxes.
If you do not have the full amount of your future payment before you select a home, you could get all the way to the escrow process before you realize how high your monthly payments will be. Avoid this by getting pre-approval and clear information on what your monthly payments will actually be.
Everyone Must Be Responsive and Patient
From the outside, the escrow process might feel like just a long waiting game. The truth is that there are many steps that cannot be completed until everyone turns in the documents that are needed. If an escrow officer contacts you to get information, get it to them as soon as possible to keep the process moving. Likewise, if it seems that it is taking too long to get things done, try to be patient. You can always ask what the holdup is, but know that everyone involved is trying to get the loan completed as quickly as possible.
