FSBOs The Secret of After Settlement Escrow to Solve Problems
Most FSBOs (people who are selling their own homes) are aware of the conventional use of escrow. In this article, we look at ways to use escrow to solve problems.
Escrow
Escrow means different things in different parts of the country. In California its part and parcel of the settlement process. In Virginia, while theres no formal escrow before settlement, the settlement agent gathers title information, draws or has a deed drawn, coordinates with the lender, receives various inspection reports and in general conducts an informal escrow in the days before settlement. The difference is that, in Virginia, usually documents arent signed by the parties until they meet at the settlement table. Its the use of escrow after this period that were concerned with here.
A Problem Rears Its Head
Whats possible varies from state to state, but creating an escrow account (usually held by the settlement agent) after a home is sold can solve problems. What sorts of problems? Lets look at a few.
First of all, lets assume the buyer or seller needs, or wants, to settle by a certain date. Lots of...
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