When you hear the words “in escrow” does it send a shiver down your spine? You’re not alone! Many people are intimidated by the escrow process, especially those who are doing it for the first time. But there’s no need to let your fears get the better of you. In fact, you can get through the escrow process with as little stress as possible. Here’s how you do it.
What is escrow?
First of all, let’s clear up any confusion about what being “in escrow” means. It is simply the process where buyers and sellers work together to execute the purchase terms of a home. It keeps everyone on track so that you can all get to the closing table on time and with as few headaches as possible.
Know the timeline
When you open escrow, ask your agent to give you a timeline of what happens during the process. This can help you visualize the steps you need to take, and helps you understand what milestones you need to reach. The best way to mitigate stress in any situation is to educate yourself, so don’t be afraid to ask your agent any questions you may have.
Make a to-do list
You are going to have tasks that you need to complete whether you’re the buyer or the seller of a home. Make a to-do list to keep track of all those tasks. If you’re unclear about what will be expected of you during the process, then ask your agent to help. These tasks could include making repairs, packing up belongings, canceling utilities, and scheduling lock changes.
Keep on top of paperwork
A lot happens during escrow, which generates paperwork. Staying on top of the paperwork is one key way to make the process less stressful. If you have paperwork you need to complete, then get to it as soon as possible. Sign documents as soon as you get them. Any delays can hold up the whole process as there are many moving parts.
Keep track of your finances
If you’re the buyer, then you need to keep an eye on your finances during escrow. Your mortgage pre-approval was based on the financial information you provided at that time. Don’t endanger your loan by making big changes to your finances. This includes making large purchases, quitting your job, or changing your bank accounts.
Be flexible
You’re going to need to be flexible during the escrow process. You may only have short notice to sign documents or get paperwork that is needed to close. Understand, too, that your closing date may need to be adjusted. Delays are fairly common — or you might even close earlier than expected. Keep this in mind when scheduling movers or making other plans.
Take time to relax
We know that the escrow process can keep people on edge. So it’s important to take time to relax while you’re closing on a home. Get some pizza, watch a movie, read a book, go for a walk — whatever you need to do to decompress. And don’t forget to breathe! Remember — the escrow process doesn’t last forever.
Contact Agent inc. today!
When you’re buying or selling a home, it’s important to have a professional on your side. Contact the experts at Agent Escrow or Agent inc. at 949-791-8160 or [email protected] today to get started. Let’s open your world to new possibilities!