June 18, 2022 | Sexton Real Estate Group
There are a lot of myths about the escrow process. Many people don’t understand it, and as a result, they believe in some common myths. This article will dispel 5 of the most common myths about escrow. Once you have read this post, you will know everything you need to know about the escrow process!
Myth #1: The Escrow Process Is Too Complicated
The escrow process is actually very simple. Once you have found a property and have an accepted offer, the escrow company will open up an account. Both the buyer and the seller will deposit money into this account. The escrow company will then use this money to pay for the property taxes, insurance, and other fees associated with the purchase of the property.
Myth #2: You Shouldn’t Use An Escrow Company If You’re Buying A House From A Friend Or Family Member
If you are buying a house from a friend or family member, you may be wondering if you should use an escrow company. The answer is yes! Even though you know and trust the person you are buying the house from, there are still many things that can go wrong during the sale. By using an escrow company, you can be sure that all of the paperwork will be handled correctly and that everyone will get what they are supposed to.
Myth #3: The Escrow Process Is Expensive
Many people believe that the escrow process is expensive, but this is not true. The fees associated with using an escrow company are typically very reasonable. In most cases, the buyer and seller will each pay half of the escrow fee. This fee is generally a percentage of the total purchase price of the property.
Myth #4: The Escrow Process Takes Too Long
Another common myth about the escrow process is that it takes too long. While it is true that the entire process can take several weeks, this is not always the case. In many instances, the escrow process can be completed in just a few days. If you are working with a good escrow company, they will be able to get the job done quickly and efficiently.
Myth #5: You Don’t Need An Escrow Company If You’re Buying A House In Cash
Many people believe that if you are buying a house in cash, you don’t need to use an escrow company. This is not true! Even if you are paying for the house in cash, there are still many things that can go wrong during the sale. By using an escrow company, you can be sure that all of the paperwork will be handled correctly and that everyone will get what they are supposed to.
As you can see, there are many myths about the escrow process. However, as long as you work with a good escrow company, you will be able to avoid any problems. If you have any questions about the process, be sure to ask your agent or escrow officer. They will be more than happy to help you!
So, there you have it. Five common myths about the escrow process that are still floating around out there. If you’re in the market to buy a house – whether it’s your first home or your fifth – make sure you talk to an escrow company and find out what the process really looks like. You may be surprised at just how simple and straightforward it is! And if you have any questions at all, don’t hesitate to give Sexton Group Real Estate Property Management a call. They’d be happy to help clear things up for you.
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