When you sell or buy a home, near the end you will be caught up in escrow. It’s not as scary as it sounds.
Escrow, in very simple terms, is this: a buyer gives a check to a third party (the escrow company) who holds the check until all the paperwork has been cleared before sending the funds to the seller.
How does the escrow company protect you during the exchange of funds for such a large purchase?
- Experience and Expertise – A qualified escrow company has completed hundreds, if not thousands, of escrows over time. The staff can adapt to challenges that come their way.
- Safety and Savvy – Your escrow company keeps both parties safe until they can make a mutual agreement based on all of the sales terms. As a buyer, you would not want to give a huge deposit directly to the seller before everyone agreed. The seller could hold your deposit hostage to force you to acquiesce to terms that may not be in your best interest. As a seller, you would not want to sign the deed over to the buyer until you received all of your money.
- Resources and Relationships – An escrow company that has been in business for any good length of time will have established relationships with qualified professionals that will help process the sale of your home. If the buyer’s loan falls through, your escrow company will refer their trusted mortgage broker. You may find you need title insurance along the way, and your escrow company can give you a trusted referral.
When your realtor wants to recommend the very best, Vision Escrow Group, Inc. of Downey, CA is the best choice.