What is the most challenging part of an Escrow?
What is the most Challenging par of an Escrow? Observations by a Los Angeles Realtor, Endre Barath,Jr.
There is so much discussion that it is finding the right home is one of the hardest things to do. My answer is always that is the easiest part of the Transaction. If you ask the right questions, most buyers will tell you what they want…
The more challenging part is getting the offer accepted where both buyers and sellers feel like it is a “good deal” for both of them. It is particularly challenging when it is a Seller’s Market and you happen to represent the buyer. On the other hand it is challenging when it is a buyer’s market and you represent the seller. The hardest part is when the seller thinks it is a seller’s market, but the market has cooled or changed to a buyer’s market.
The harder part in my opinion is managing the expectations of the buyers and sellers. The better you manage the expectation levels the smoother the transaction will go. I am a firm believer the continuation of moving the documents is key. It is a clear indication that both parties are operating in good faith.
So getting back to the original question: what is the most Challenging Part of an Escrow? In my opinion is negotiating the request for repair. This is where buyers need to be realistic and sellers need to be reasonable too. Clearly it makes a difference if there is a back up offer on the table or if there is not. That will determine the stance the seller will take. Once the Request for Repair is negotiated. Then it is clearly just waiting for the Loan Documents and the buyer’s signing them. Ultimately then one just waits for the Loan to Fund.
Let me know what your thoughts are about this question.
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