6 Tips to Speed Up Your Escrow
6 Tips to Speed Up Your Escrow
Both sellers and buyers can find the escrow process somewhat tedious. However, escrow plays a very important role as the escrow company or agent is responsible for handling the details of the purchase, money, instructions, paperwork, and refinance to protect the both parties involved. Whether you are a buyer or a seller, you want to speed up your escrow because the longer the escrow takes, the higher the chance for problems. For instance, a major disaster can occur, the buyer may lose his/her job, lending practices may change, or interest rates can go up.
Following are 6 tips you should follow to speed up your escrow:
1. Get Approved First
Most of the time, buyers don’t get full approval from a lender due to excitement of purchasing a home and wanting to make an offer. You should not make this mistake as it is likely that you may not be able to secure financing later. Before making an offer, it is recommended that you jump through all of the financial hoops before opening escrow so that you can avoid delays.
2. Don’t Travel
After signing the purchase agreement, sellers and buyers should not travel and stay local so that they can be in touch with the escrow company, real estate agent, and anyone else who plays an important role in the transaction. You want to make sure that you are available at a moment’s notice to clear hurdles such as a surprise lien on the house or to provide important documentation.
3. Stay on Top of Inspections
It is recommended that you be prepared to sign the paperwork as well as arrange for all kinds of home inspections e.g. the roof inspection, termite inspection, and general inspection. The escrow company will need these escrow reports to streamline the closing process and ensure that all the contingencies have been met. Closing may be delayed if the inspector or agent can’t reach you for an appointment.
4. Follow All Directions
At any time during escrow, you may receive instructions from the escrow company, lender, or real estate agent. If you fail to provide the required documents to the lender, it can result in delayed processing of your escrow and mortgage agreement. Your escrow agent or officer may also have questions or instructions.
5. Be Well Prepared at the Closing
Buyers have some time to review final loan documents, however you should be well prepared at the closing day. Come prepared with a representative to help you, a calculator, as well as any questions you have. Your real estate agent will help you ensure that the deal is closed properly.
6. Choose the Right Escrow Company
When it comes to speeding up the escrow process, the escrow company the seller and buyer agree upon matters a lot. Consider the company’s staff size, the office location, fees, and recommendations. Although a large staff doesn’t mean that the escrow company is better, it can help make the escrow process more streamlined. When choosing an escrow agent, make sure to choose the one who has experience with local market conditions so that they can spot potential issues ahead of time.
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.