Real estate transactions are complex; there’s so much information, so many documents, and so much money being passed from one hand to another. No wonder why so many buyers and sellers feel overwhelmed!
Fortunately, you don’t have to go through the process of buying or selling a home on your own; there are several professionals that can help throughout the endeavor. Of all the professionals you’ll work with, an escrow service is one of the most important. The job of an escrow service is to act as a neutral third-party who will hold a buyer’s earnest money until negotiations have been completed and the transaction has been finalized.
Like most professionals associated with the real estate industry, there are a lot of escrow services to choose from. How do you know which one to choose? Here are some tips to keep in mind.
- Consider the reputation. When selecting an escrow business, one of the most crucial elements to consider is reputation. You want to ensure that the company you’re working with is ethical and has a solid reputation. When conducting research on a firm, make sure to check its customer reviews to see how other customers rank their services. To ensure that you obtain proper service, choose a company that is professional, detail-oriented, ethical, and respected.
- Response time and communication are frequently indicators of how a corporation provides its services. It is an important factor to consider while selecting an escrow provider. Escrow businesses that disclose information in a timely and open manner are more likely to deliver more complete and better services. In the same way that ambiguous depictions of information and delayed response times can be a sign of poor or even unscrupulous service in any other business, they can be a symptom of insufficient or even nefarious service in this one.
- The cost of the service is also something you’ll want to consider. Any escrow business that can provide accurate estimates of costs associated with selling your house, escrow services, title insurance, and so on is worth investigating. Many escrow businesses quote a base price and then charge additional fees at the conclusion of the transaction. It is prudent to request specific fees such as overnight, messenger, wire, doc prep, storage, edoc, email, and so on.
Service is the gold standard in the escrow industry. Whether through research or referrals, choose an escrow business that always prioritizes your needs.