Re: escrow officer - Posted by Rich-CA
Posted by Rich-CA on July 04, 2007 at 11:05:49:
I found nothing “wrong” with your sentence structure or question. I would assume a text message would be even more abbreviated, but that’s not relevant here. The thing about sentence structure is that it makes it easier or hard to understand what you’re trying to say.
First, I am not a wholesaler, so what I say is just from being cautious about getting into a bad situation.
An Escrow Officer is a neutral 3rd party who collects together the documents and money required to close the deal. They do not release the money or deed until everything is in balance. The funds deposited match the expenses and sales price of the property. The required documents are all properly signed or notarized as required by the people or companies involved and none of the document are missing or incomplete. They then take care of making sure all the funds and documents get to where they need to go. Oh, and they usually keep to a very tight deadline, which is especially important if there is financing involved.
I always use an Escrow Officer. They make sure my money does not “disappear” or other things that are required are lost or missing. Here’s an example that just happened yesterday.
I was under contract to buy a property from Fannie Mae. In March the HOA had put a lien on the property for unpaid dues (almost $9k). A week ago, when the Title Report came out, this lien popped up. Fannie Mae said not to worry, they would take care of it. Their idea of taking care of it was to try and badger the HOA into taking nothing and simply removing the lien. The HOA refused. Yesterday the lender asked that they funds they put into escrow be returned. I had my funds returned as well. Deal is dead because Fannie Mae refused to provide clear title to the property.
If I had sent my funds directly to the seller, I would have to hire lawyers to get them back. With an Escrow Officer, they just get wired back and we move on.