Short Sales Escrow
Short Sale Escrow
Short sales add new complexities to transactions because they are not just between a buyer and a seller, but they also require the bank’s or mortgage holder’s approval to be processed. The involvement of this extra participant makes escrow more complicated and requires extra skills in ensuring the process is completed correctly. To make matters worse, the sale price is normally lower than the amount still owed, thus making the bank’s involvement a huge sticking point, and requiring the completion of several more documents and verifications.
At New Era Escrow, we offer complete escrow services to meet all your short sale transaction needs. Our skilled escrow agents will keep lines of communication open with both you and the bank, verifying that the transaction is proceeding well and all requirements are being met.
Why Choose a Short Sale?
There are many reasons a homeowner may choose to do a short sale. This type of transaction may do less damage to the seller’s credit score than a foreclosure, and it can be less expensive. It can also be easier to obtain a new mortgage after a short sale as opposed to a foreclosure. In some cases, it is possible to get a new loan immediately after a short sale instead of waiting up to four years or more because of the credit repercussions.
Escrow Experts
At New Era Escrow, we understand that no one buys a home believing that they will one day find themselves doing a short sale. Our escrow officers have years of experience overseeing the often complex short sale escrow process. We offer a consumer-based approach to help you navigate the confusing waters of short sales and ensure there are no unexpected hurdles that delay closing. Our escrow officers are experts at short sale transactions with an in-depth understanding of the unique requirements involved in these transactions. We understand that short sales are very time-consuming and time-sensitive. We offer a proactive strategy to avoid delays and ensure homeowners and lenders are confident that the transaction will close on time.
New Era Escrow handles all aspects of short sale escrow transactions
- Full-service escrow transaction management.
- Fast response to communication from all involved parties.
- Follow mutual written escrow instructions.
- Keep all parties up-to-date on the progress of the escrow transaction.
- Issue receipts for deposits held in trust.
- Maintain accountability and security of funds held in trust.
- Prepare and execute escrow instructions.
- Ensure proper adjustment of utilities, taxes, and dues.
- Prepare settlement statements.
- Instruct the title company to record necessary documents.
- Obtain all necessary disclosures, documents, and reports.
- Comply with all local, state, and federal real estate guidelines.
- Obtain documents to clear outstanding liens.
- Secure pay-off demands.
- Disperse funds and close the transaction based on escrow instructions.
Efficient Escrow Services
Short sale escrow transactions can be notoriously complex and time-consuming. New Era Escrow in strives to make the process as easy and fast as possible with unparalleled customer service, attention to detail, and a proactive approach to close on schedule.