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109 - How Escrow Works
Manage episode 393582637 series 3507564
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In this episode we talk about how escrow works. When you’ve made a final offer on a home and reached an agreement with the seller, you start the escrow process in which a neutral third party manages funds and assets, and ensures all conditions of the sale are met before the property changes hands.
Topics covered include:
- When escrow officially starts
- The mindset a first-time homebuyer should have during escrow
- Who is responsible for identifying an escrow company to use, whether a homebuyer can choose the escrow company, and who contacts the escrow company to open an account
- What title search and title insurance are
- What kind of contact the homebuyer can expect to have with their lender
- Whether it’s common for sellers pay for a home warranty for the first year
- What happens at document signing
Our Guest:
- Lynn Bishop, Escrow Officer at Placer Title Company
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