Escrow – Your advice on how to best manage it?

Asked by Mighty_E, 22202 Sat Aug 30, 2008

First of all – I would like to thank to all of those who wrote an answer to my question about recommending title companies in DC area. Now I’m wondering about another related issue – escrow. What is common way in handling escrow account? Does buyer’s agent handle it, or does it make sense for a buyer to select a company (perhaps the same company that will later on handle the title – from I was able to see many companies offer both title and escrow services)? What else would you recommend for a first time home buyer to be aware of? Anything that you can offer based on your experience? Thank you in advance for your answers and guidance.

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Juliet Dougl…, , Washington, DC
Wed Nov 18, 2009
Igor it is practice for the buyer to select there title company. Ask your agent to assist you with three company to choose from. Second the title company usually offer esrow service and that would be the better way to go. First time buyer should take avantage of all the programs offer at this time. I will recommend a home inspections even if the property is selling as is condition. It is wise to save as much funds as possible toward your purchase. In this market we are face with a lot of short sale dont run away from them, there is a lot of good deal you just have to wait it out. I hope this was helpful for you.

Juliet Douglas
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Mack McCoy, Agent, Seattle, WA
Tue Nov 3, 2009
Get out of the way, and let the real estate agents handle it.
Typically, the listing agent will order a preliminary title report from A Title Company, who is really a Perfectly Fine Title Company. Sometimes, the LA will specify the Escrow Company, sometimes your agent.
All of this will because they have existing relationships with these companies; as a result - they are more important customers than you can ever be.
So, if there's a problem, they can get to the head of the line - they represent ten or twenty or more transactions a year to the firm - whereas, if you pick the title / escrow companies, and there's a problem, you're really not all that important to them in the grand scheme of things.
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Jason Kangal, Agent, Arlington, VA
Tue Nov 3, 2009
Typically, in the DC Metro area the buyers agent holds the funds in their brokers account. If for some reason that does not make you feel comfortable most Settlement offices will also hold funds thought you might want to contact perspective offices first.

Hope that helps.
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Dallas Texas, Agent, Dallas, TN
Sat Aug 30, 2008
In order to submit an executed contract to title company needs to registered, and escrow account opened at their location. Title company oversees terms & conditions for executed sale purchase agreement. Your buyers agent should be working thru this with you. During option period you need to complete all your requirements for inspection, appraisal and etc.
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