What is Escrow?
It is a
process of holding money. A third party is involved in the process. We can say
that it is a complete process of holding your money, before and after process
of closing the property. During escrow, you do literally nothing. Just sit and
wait for completion of the process. Dean Graziosi describes process of escrow
with following characteristics:
- The process of escrow begins when you and the buyer sign sales agreement.
- Both you and the buyer will mutually decide and choose an intermediary agent. This agent will act as a catalyst to complete deal successfully.
- Once the deal is signed, the agent (also known as escrow agent, title agent or lawyer) will start ordering and preparing property deed and collecting other documents.
- Lenders of the buyer will start complete evaluation, they will order appraisal of your home.
- Buyer will start working on all of the contingencies mutually signed in the agreement, including home inspection.
What Would You Do?
As a
home seller, your duties are completely different from that of the buyer or any
other. Following are given your most important tasks.
- You must make your home available for home inspection.
- You must cooperate with lenders when they want to make appraisal of your home.
- You must keep all of the documents complete.
- You must disclose all of the statements. Here it is important to note that in most cases, disclosing of statements and completion of documents is done and verified before signing the deal. However, if you have missed the details, you must complete them during this phase.
- You must meet all of the contingencies that you have agreed upon in your contract.
- You must provide required certificates, e.g. smoke certificate, home inspection certificate etc.
- Get permits of any maintenance or reconstruction works.
- You must be available if there are any legally issues.
- Respond quickly to all of the queries.
Apart
from these, there are some very basic issues like dealing with appraisal and
remaining in touch with your legal advisor and your real estate agent. Dean
Graziosi suggests that one must remain active throughout escrow period.
Dean
Graziosi is an expert realtor. He has been working in real estate for more than
two decades. Dean belongs to a broken family. He never made it past tenth
grade. He spent most of his teenage juggling between homes of his father and
mother. At the age of 16, when most of the teenage boys are busy collecting
gadgets and making girlfriends, Dean took first step as an entrepreneur.
His
first business was that of auto parts. Amid auto parts business, Dean made his first real estate deal at the age of 18. It was a
run-down apartment building. Dean made his first deal successful and since
then, he never looked back. Today Dean owns a real estate business of
multimillion-dollars. His name is written with golden letters among successful
entrepreneurs.
He
conducts live seminars; he is a motivating speaker who can convince his live
audience effectively. He is a bestselling author. His books contain his life story;
they share Dean's success experience with his readers. Dean Graziosi is a
symbol of success for hardworking and determined individuals.
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