Hi, everyone! Welcome to my video blog!
Today, I have part two of our interview with the wonderful Juliana Tu from Viva Escrow!
Thank you for watching!
Is there going to be a new loan on the property?
If there is a new loan on the property, the escrow company will be in constant communication with the loan program. We need to make sure we have all the documents needed to approve the loan; they need to have the correct property address, the owner’s name, etc. Once we have all the documents, we bring the buyer in to sign. We then send the signed information to the bank for funding.
As well as getting the loan documents, we also get all the paperwork necessary for the buyer and the seller to close the contract including an estimated closing statement. This statement is very important because it tells you what the buyer needs to bring in and tells the seller what net proceeds he will get. The estimated closing statement is one of the most important functions we will perform.
When the seller is ready to sign the deed to transfer ownership, we are coming to the close of escrow. Once the deed is signed, it gets recorded along with the buyer’s loan information at the county recorder’s office. When that takes place, then we know the file is ready to close and it is time to balance that file.
What does balancing the file mean? We pay off the loans that the seller has, make sure the taxes are paid and we make sure the buyer’s new loan goes on to secure the property. Once the file is balanced, the checks are sent out to all the parties and the transaction is considered close.
Throughout this process, a good escrow agent should follow the three ‘Cs’.
- Communication: We need to make sure we keep in constant communication with everyone involved in the process: the buyer, seller, listing agent, selling agent, loan broker and even the termite company!
- Calendar: We need to know the timing of everything such as when a termite inspection should be done by, when is a physical inspection supposed to be done or when are we going to order the seller’s payoff.
- Customer Service: It is to our benefit that we provide the best customer service. When our sellers and buyers are happy, we are happy too!
