3 Reasons Why You Should Insist on Working with the Same Escrow Company for Every Transaction

3 Reasons Why You Should Insist on Working with the Same Escrow Company for Every Transaction

3-reasons-why-you-should-insist-on-working-with-the-same-escrow-company-for-every-transactionAn escrow account is a very effective way to ensure that each party involved in a large financial transaction, such as buying a house, are equally protected throughout the process. Any form of dispute regarding the transaction will be objectively handled by a third party, and the transaction cannot be closed until everyone is satisfied with the terms.

This helps to prevent any uncertainties or concerns relating to the transaction, also ensuring that both the buyer and seller cannot use pending money as leverage. The payment and merchandise are fully protected when in escrow, allowing for the details of the agreement to be met before they are exchanged.

An escrow company is perhaps the best option for anyone seeking an escrow account, as they are specialists in the field that will know the specifics of escrow law in your state. For anyone that requires another escrow account for another transaction, using the same escrow company can be a worthwhile pursuit.

Here’s why:

1. No surprise fees

Escrow companies will charge a fee based on the percentage of the transaction. These fees can vary depending on many aspects and are not regulated by state law, so every escrow company could charge different fees from each other.

There’s also incidental fees that can be charged on top of the standard escrow fee, so the total fee could be more expensive than expected.

This won’t be the case when returning to an escrow company for another transaction, as you will have already payed their previous fees so know what to expect, including any potential incidental fees.

No one wants to be charged with surprise fees that will increase the cost of the service, so by returning to the same company you have a better idea of how much you will be charged.

2. Familiarity

Establishing an escrow account is a necessary process for most borrowers, as their lender will require loaned money to be in escrow. Creating escrow instructions are an important process to ensure both parties come to an agreement over the terms of their financial agreement, and this will fall to the escrow agency.

As the agent is writing this on your behalf, it can be comforting to know the person previously and the methods they use to create the agreement, helping you to better understand what may feel like a daunting, complex financial process.

3. Convenience

By using the same escrow company for every transaction, the entire process is that much more convenient. You will know the company and the services they offer, including which ones are required for your transaction, as well as the overall process of creating an escrow account.

The company will do all the complex work, and returning to the same company ensures you know exactly what they need from you, which should hopefully make things go even smoother than before.

Inland Empire Escrow  provides escrow services for a diverse variety of real estate transactions.  With offices in Chino CA and San Bernardino CA, we quickly and professionally service all the surrounding cities such as Chino Hills, Ontario, Rancho Cucamonga, Upland, Riverside, Redlands, Colton, Grand Terrace, Yucaipa, and more.  To hear more about our escrow services for residential, mobile home, short sale, REO, bulk/business sale, 1031 Exchange, or agricultural escrow, contact us today at (800) 917-9387.