Buying or selling a home is one of the most important and biggest transactions that one can ever be a part of.
This is why having clear communication throughout the whole process is crucial. Communication is the key component that determines whether you have a long and stressful escrow or a smooth and convenient escrow.
In this article, we will be focusing on the importance of having a transparent escrow process, as well as some tips and things you can do to ensure an escrow process with clear communication.
Importance of Transparency
The escrow process is the most important part of buying or selling a home.
Escrow is done when all the important papers are signed, money is negotiated and transacted, and the deal closes.
If you are confused or unsure about a certain document or the process altogether, it is important that you communicate with the real estate agent or the seller or buyer because it doesn’t take much for the process to get elongated and bumpy.
Everyone must be on the same page, so to help we made some tips to aid in having a transparent escrow process in California.
Usually in the beginning of escrow, the buyer and seller receive the instructions from their agent of how the escrow process will be.
Generally once your offer is accepted, an amount of money called “earnest money” is deposited into the escrow account. Then escrow is officially open. Inspections, negotiations, and loan approvals happen in a matter of about three weeks, in a normal escrow timeline. The rest is signing loads of paperwork, repairs begin, final walkthroughs happen, and then escrow is closed!
It’s important that if the buyer or seller doesn’t understand it or the process, they should ask their escrow officer or real estate agent to explain.
As the real estate agent it’s important that you lend a helping hand and make sure the clients understand escrow in California.
It will pay off in the long run because it will make the process go a lot smoother. Otherwise, it is like going to take a test or do an assignment without knowing anything about it.
Make sure that as the buyer, seller, or agent, that all the principles of escrow are laid out on the table.
Throughout the escrow process there will be various emails, calls, and paperworks to complete. It is important that you settle all that is needed from you as soon as possible because it will keep things moving.
As the agent it is important that you make sure that you let the buyer/seller know all that is needed from them as well.
If the buyer or seller are not aware of the paperwork needed or the documents aren’t given in a timely manner, it ends up being rushed in at the closing and that’s when difficulties arise. No one likes rushing something on a deadline.
New Venture Escrow’s VentureTrac application ensures this doesn’t happen because the documents are always at your fingertips. Notifications arise when something needs to be signed, as well as a messaging system to communicate with the agent for any questions.
As the buyer, seller, and agent there are a set of expectations and roles you need to accomplish. If there are any inconsistencies or confusion on anything, it can cause the process to stretch on for longer than necessary.
Communicate with the people involved and until you have clarity in mind. It is not good for you or anyone in the transaction if you are unsure about anything. If you have any special needs or requirements, express those and make sure they know.
Nothing is too small, remember this is a big and important transaction. We have to make sure that it is done right and there are no doubts or confusion in your mind.
The escrow service you choose plays a big role in determining whether the escrow process is as transparent as possible.
New Venture Escrow ensures transparency with our VentureTrac 4.0 application.
The whole escrow process happens through this app on your phone for a faster and more convenient way to do escrow. In the application there is a secure messaging system, real time updates, and easy access 24/7 to ensure that our clients are having clear communication and are following it every step of the way.
Contact us to learn more about how to get started with New Venture Escrow, a new way to do escrow.