Escrow Tips From An Escrow Ninja

Hey Agents! CENTURY 21 Award here, just checking in and seeing how things are going? As we all know, the market is still as busy as ever and we understand things can get hectic. That’s why this week we reached out to the Escrow Branch Manager of Escrow Network Group Inc., Tegan Powell-Tabor to share her expert advice for a smooth escrow process.
 
The escrow period can be an emotional roller coaster for all parties involved, including the agent(s), escrow officer, and of course the buyer(s)/seller(s). As an agent, you want to deliver the best service for your clients, and one way to ensure that is to think proactive instead of reactive. Get ahead of the curve with Tegan’s five tips below:

  • Get off to a good start! By sending your Escrow Team thorough information at opening, you allow for your escrow to jet off the runway faster. 

This info would be:

  1. Buyer or Seller email addresses/phone #’s and mailing addresses
  2. TC contact info
  3. HOA Management Company information
  4. 1031 Information, if applicable

 

  • Alive and well?: If one of the Sellers has passed away, and a Successor Trustee(s) are selling the property, please be sure to send your Escrow Officer (or prepare your Seller to) a copy of the full trust. Escrow and Title must review this prior to drawing any escrow documents

 

  • Credits/Price Reductions: When/If the seller or agent credits or sales price reductions are going to occur, please be sure to let escrow know immediately. We’ll need to alert the lender right away in case the file needs to go back to underwriting

 

  • Bugs, bugs, bugs! If termite is on the contract/a part of the transaction, please advise escrow of any possible delays in completion being ready. This will allow us to communicate this information to the lender and look into any potential workarounds.

 

  • Are we done yet? If you receive information that the file might be closing early (or late), please notify your Escrow Team right away, so we can make sure our documentation is all up to date

 
There you have it, five short, simple, and concise tips on a stress-free escrow for you and your clients. Tegan and her team are some of the best in the industry who have consistently delivered outstanding service. if you have questions about working with Tegan and Escrow Network Group Inc. contact her today at ttabor@escrow-network.com.
 
 



Tags: Buyer, Seller, Realtor, Escrow