Escrow Etiquette in Mission Viejo Real Estate
In a Mission Viejo real estate transaction, you have to expect prompt communication during escrow. That means asking questions as soon as they come up and responding as soon as a question is asked of you. Here are some good escrow etiquette tips in Mission Viejo real estate.
Now that you’ve negotiated the contract, all parties involved (buyers, sellers, REALTORS, lenders, escrow officers, title reps, transaction coordinators, etc…) expect prompt communication during escrow. As a Mission Viejo Realtor and defacto team leader for the escrow experience for my clients, I always expect prompt communication during escrow, and I have been shocked, embarrassed, and rendered verclempt by the performance of key parties on several occasions.
The latest is the most flagrant and brings me to the point of having to publish this code of conduct for anyone involved in an escrow to transfer the ownership of a home from one party to another. Listen up, Brian, this is for you.
The Escrow Code of Conduct
Phone calls, text messages, and emails to and from any party to the escrow will be returned with two hours and most certainly before you go home for the day. This is an escrow, not a congressional hearing. There is a contract in place with time frames, due dates, and consequences for missing those dates.
If a party to the escrow reaches out to you, you have an obligation to respond. While you may not have the answer, you are obligated to let the other person know what you are doing to get the answer, or identify a more appropriate person to contact to get the answer or information.
Ask specific questions. “Hi Leslie, it’s Brian with Banana Bank. Can you give me a call?” What a waste of memory in my voice mail! Ask me the question, for goodness sake! We don’t have time for phone tag people! I’ll get you the Home Inspection Report, the Clear Termite Report, and the Counter Offers that are missing from your file – just tell me what you need. In your call, text, or email – and let me know when you need to receive it.
Learn the other team members’ jargon. Lenders need to know the dates to remove the Appraisal Contingency and the Loan Approval Contingencies up front. Read the contract, ask the clients’ Realtor, or ask the escrow officer if you have any doubts about what you need to do to keep your borrower in compliance with their purchase contract and avoid having the seller issue a Notice to Buyer to Perform.
To any lenders reading this, please be aware that any delay in the loan process may put your client in jeopardy of losing their dream home. Buyers and sellers, please be aware that critical points in the loan process are called conditions. You’ll have conditions for full loan approval, conditions for drawing loan docs, and conditions for funding your loan. These conditions have to be met to move to the next step.
Your loan rep is the one who will most likely communicate these conditions to you and emphasize their importance to your ability to purchase your dream home. Lenders – please be as specific as you can when communicating these conditions to your borrowers, and consider copying their REALTOR in on your email, as they will likely ask them the “what and why” of what you are seeking. Be inclusive and considerate, please.
Let’s go, team!
Leslie Eskildsen is the Real Deal REALTOR specializing in Mission Viejo, Coto de Caza, Rancho Santa Margarita, Laguna Niguel, and Laguna Hills home sales. She can be reached by calling (949) 678-3373 or by emailing Leslie@LeslieEskildsen.com.
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