Help Your Escrow Process
You’ve just talked with your real estate or mortgage professional and they’ve told you your real estate/mortgage transaction is “in escrow,”…Now what?
The most important thing for any principal party (buyer, seller, borrower, real estate or mortgage professional) to understand is that escrow is a process, it doesn’t happen in a day. All parties in the transaction want the process expedited, so everyone needs to take responsibility to do their part in moving the process along.
Any non professional, such as a buyer or borrower, should not hesitate to ask the escrow officerabout any aspect of the escrow process they don’t understand, this holds true for professionals as well. It is imperative that you clearly understand the escrow instructions because these are a legal contract that you’ve agreed to.
If you want to help expedite the process be sure to respond quickly to any request or correspondence from the escrow provider. Have a clear understanding of what is needed and provide it in a timely manner.
Ask the right person
Your escrow officer can only answer questions that pertain directly with the escrow process or escrow instructions. They cannot give you any advise as to the terms of your mortgage loan or the home appraisal or inspection. The escrow officer legally may only follow the instructions given by the principal parties in the escrow agreement.
Follow instructions & be proactive
If any additional funds are needed relative to escrow, be sure to understand what they are for and provide them in the form that the escrow company requests. By example: if the escrow officer asks for a cashiers check, don’t write a personal check, which would only cause further delay while the funds cleared. Also, get these funds to the escrow agent within the time frame requested, if you can’t, talk to the escrow agent.
If you have any special needs at the time of final closing, such as copies of documents etc., be sure to make that request in advance. Processing such a request can take days, so ask in advance.
Always remember that the escrow provider wants this process to close just as quickly as you, but they have a legal obligation to be sure that it is done correctly and legally.