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Points To Consider While Picking An Escrow Company
Wednesday, July 13, 2011
Buying or selling a home is probably one of the most complicated business transactions you will undertake in your lifetime. It is no wonder many people feel overwhelmed by real estate transactions. There are many professionals available to help you navigate this process. Realtors, home inspectors, mortgage companies and escrow companies are all valued professionals who you should choose carefully. It is well worth your while to spend some time researching your choices.
An escrow company will handle most of the official paperwork of your home purchase or sale. They will prepare all the paperwork to sign, hold all the checks and monies, distribute the checks and keys upon sale, order appraisals and apply for title insurance. They will ensure all the steps of the process are complete before the closing can occur. Several years ago, I was in the position of having to sell my house fast
, and needed to select an escrow company since I had already found a buyer, and was not using a real estate agent. You may want to consider the following items when selecting an escrow company.
Personal references from your real estate agent can be a great place to start when selecting an escrow company. You can ask your real estate agent how long they have been using the escrow company and what they like about them and whether they used by other agents in their real estate office. Real estate agents usually have a set of trusted professionals they routinely recommend, and are one of the best sources. If you are not using a real estate agent for your home sale, then friends, relatives or coworkers may suggest a company they used and liked.
Once you have a name or names of possible escrow companies, do a little online research about the company. This can help you get a feel for their reputation in the community. What are the state requirements for licensing escrow companies and does the company you are considering meet the minimum state requirements?
Finally, you may want to consider the location of the escrow office. Most of your interactions with them will be via phone or email, but you will need to be present in the office for the final closing. A close, convenient location may be a consideration for you, especially if you live in a large city.
Choosing the right escrow company was instrumental in helping me sell my house fast
. Following these easy steps should help you feel confident you have chosen the right escrow company for your home sale.