In the process of a real estate sale, escrow agents are third parties, either an individual or an entity such as Vision Escrow Group, who are hired to keep the funds for sale of the property in trust until the transaction is finalized. This is in case of any disagreements or disputes that may arise during the process of finalizing the sale of a property. But who is responsible for hiring an escrow agent?
The responsibility can lie with any party involved in the transaction. The buyer, seller or either real estate agent may choose an escrow agent during a real estate sale, but the escrow service provider that is selected must be agreed upon by all parties. In practice, the buyer or buyer’s real estate agent is often the one that first chooses the escrow company, but the seller may counter the selection with their own preferred company if they do not agree with the buyer’s choice.
Like all aspects of a real estate sale, the escrow agent selection process is a term of negotiation that must be agreed upon by all parties. Without that agreement, there’s high potential for issues to arise in the future.
Can I sell my home on my own?
You absolutely can. Will you get the best results? Without professional consultation, you will not get the best results. Your best route is to seek an objective third party. As stated before, this minimizes emotion and involvement between buyer/seller. In most cases, the buyer and seller won’t even meet. They will be operate through the third party to get desired results. If you are considering selling your home on your own, there are certainly a fair few positives. However, they are overwhelmingly outweighed by the negative you are faced with.
You cannot expect to agree on a fair price when dealing directly with buyers. When dealing with buyers directly, results will vary heavily. Third parties are necessary to give your home the best option to have your price be taken seriously.
Market value and awareness – Being around the industry may give you a bit more insight on the market. However, for the most part you’ll be unsure of where the market currently sits. If it’s a buyer’s market, you may want to hold off on selling. If it’s the opposite, perhaps this is the best time for you to make the change and selling sooner rather than later would be best.
Timeframe – Giving your escrow agent a realistic time frame of when you want the home off the market by can expedite the negotiation process. Although, this may net you lower profits on your end. In the end, the results will be the same completion-wise.
When you are looking for a trusted escrow agent, contact Vision Escrow Group, Inc. today. We’ll assess where the market sits for you and ensure you are provided with the best quality results. From there, we’ll get your home off the market as quickly as possible. We’re looking forward to the opportunity!