For a start, we need to be clear on something. Escrow means protection. This means that not only you, as a buyer, will haveyour transaction protected during all the buying process. which isimportant because what you invest in a home is not just cents. It’shard-earned money. Money that you saved through a lot of effort, or perhaps a loan that you will be paying back over time. No matter how, the thing is, you definitely want to keep it safe untilyou’re sure that the property you’re buying is exactly what youexpect. and more.
Why more? Because this process also allows for you to pay taxesand insurance, both of which are needed for a home purchase. This applies to the seller as well. If you’re the one selling, youcan also get an escrow so you can make sure that your buyer isserious about the process and that the money for the transaction isthere and ready for you. So, either buyer or seller, an escrowprotects you all the way. Yes, one can choose to go without it, butis it wise? No Definitely not. Not at all. And that’s what we wantto share today. No matter what side of the transaction you’re on, an escrow is the best bet you can take.
PROTECT YOURSELF WITH AN ESCROW
Let’s go step by step. As a buyer, you need to make sure that the property you’re buying is exactly what the seller told you it was. That it has passed all controls and check-ups in terms of pests, mold, etc. Let’s be honest, we’re talking about the place whereyou and your family are going to live. Therefore, you need tomake sure the place meets your standards and those the sellerpromised. By getting an escrow, you guarantee that there will be control visits to the property in order to confirm the current stateof the property and that there’s nothing wrong with it.
Now what if you’re the seller? Well, if you’re in the real estate business, you probably know that when you sell a property you’ll always find yourself with “interested” people that don’t have the financial resources to pay for the property, and you’ll only lose time. With an escrow, you eliminate this problem because, from the very beginning, you’ll know that the interested party does have the financial resources to make the purchase. In fact, during the process the money is protected by a third party (the escrow office) until all is done and clear, and you will have a guarantee that you are not losing your time, nor your property.
But an escrow is not only useful for buying property. Yes, there are other applications, like when you’re refinancing a loan, or the mortgage on your house. Or if you’re in the business of buying vacant land, it can also be helpful. And getting the help of a respected and professional escrow office is always the way to go. Someone like us.