6 Rules to avoid losing your escrow

1. Stay consistent in your work.

2. Send your pay stubs and paperwork ASAP.

3. Pay your bills on time and save money.

4. Avoid finance anything new (car, electronics, etc).

5. Avoid transferring money around your accounts.

6. Give your loan officer more referrals.

Escrow fees are not fixed by law or regulated by the State, and are typically commensurate with the size and complexity of the transaction, the cost of performing the services, overhead expenses, and the liability involved. These fees can vary considerably from state to state, as can rules on whether the buyer, seller or both are responsible for paying them; for real estate transactions, generally cost between 1 percent and 2 percent of the home’s price.

Typically, the buyer and seller split the escrow-handling fee, but the contract can cover any type of arrangement. For the sale of a business, the buyer and seller usually split the cost evenly. For very small deals, however, escrow agents might impose a minimum fee.

Escrow accounts provide a safe, neutral haven for two negotiating parties to hold assets until they’ve reached an agreement, they protect and serve both of the interested parties.

If you want to know more about escrow, you know you can call me, I will make it simple and safe!