Who are the key players in an escrow?
A typical real estate transaction has six key players:
1) Buyer
2) Seller
3) Buyer’s Agent (aka Selling Agent)
4) Seller’s Agent (aka Listing Agent)
5) Escrow
6) Lender
Then you have the auxiliary players, such as the title officer and the appraiser, and sometimes the real estate agents have “transaction coordinators” because they are “too busy to manage paper”. In today’s real estate environment the biggest challenge is often obtaining the loan and having the appraisal come in at value.
When a Realtor is representing the buyer; they customarily make recommendations regarding buyer’s selection of a lender. The buyer’s choice of lender is critical to the escrow process. Lending guidelines continue to become more stringent and now is not the time for a home buyer to apply with anyone other than a seasoned professional.
An experienced and diligent escrow officer will also improve the process. Typically, all parties are motivated to close escrow, but unfortunately personalities sometimes get in the way.
Now to get to the interesting mix of the transaction: In most sales, there are two Realtors, the buyer's and the seller's. Recently most of my escrows have been challenging and I have been drawing on every resource and experience I have had. BUT what makes the difference is the agent on the other side of the equation. I know my client’s needs and goals. When the other real estate agent is also working towards their client’s goals, we will have a successful closing.
Don’t hire an argumentative real estate agent; don’t hire one too busy or too important to return phone calls. Check Yahoo reviews or Better business bureau and ask for references.
Check my Yahoo Reviews here
Related Post: The Anatomy of a Perfect Escrow
Does Anyone Really Care Which Escrow Company They Use
1) Buyer
2) Seller
3) Buyer’s Agent (aka Selling Agent)
4) Seller’s Agent (aka Listing Agent)
5) Escrow
6) Lender
Then you have the auxiliary players, such as the title officer and the appraiser, and sometimes the real estate agents have “transaction coordinators” because they are “too busy to manage paper”. In today’s real estate environment the biggest challenge is often obtaining the loan and having the appraisal come in at value.
When a Realtor is representing the buyer; they customarily make recommendations regarding buyer’s selection of a lender. The buyer’s choice of lender is critical to the escrow process. Lending guidelines continue to become more stringent and now is not the time for a home buyer to apply with anyone other than a seasoned professional.
An experienced and diligent escrow officer will also improve the process. Typically, all parties are motivated to close escrow, but unfortunately personalities sometimes get in the way.
Now to get to the interesting mix of the transaction: In most sales, there are two Realtors, the buyer's and the seller's. Recently most of my escrows have been challenging and I have been drawing on every resource and experience I have had. BUT what makes the difference is the agent on the other side of the equation. I know my client’s needs and goals. When the other real estate agent is also working towards their client’s goals, we will have a successful closing.
Don’t hire an argumentative real estate agent; don’t hire one too busy or too important to return phone calls. Check Yahoo reviews or Better business bureau and ask for references.
Check my Yahoo Reviews here
Related Post: The Anatomy of a Perfect Escrow
Does Anyone Really Care Which Escrow Company They Use
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