Real Estate Blog - How does she do it?

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How does she do it?

I was asked by a good client some time ago, "what is it that my escrow officer does for me and my clients?" She said, "I open the escrow, you pick up a deposit check, we get a pre, my clients sign, and you bring me a commission check." Well, little did she know, there is a long list of things the escrow team in my branch does on the average resale transaction.

After you review this post, you may wish to deliver flowers or wine to your escrow officer at your next closing! In this post, let's visit what the escrow officers in my branch do for you and your clients! This is not intended as a solicitation, but merely an educational piece for existing clients and curious readers. The thing that most people do not realize is that all these things that take place below, are only regarding the sale of one home. My escrow officers can close up to 30 or more transactions per month! Hence the title, "How does she do it?"

Here are the Escrow Procedures on a "Typical" Resale Transaction in my office:

The Escrow Officer...
Opens escrow and orders preliminary report from title department
Receipts in initial buyers deposit to escrow and sends copies of receipt for deposit to both agents
and new lender/loan agent
Sends agents or clients "So you're buying" and So you're selling" brochures
Reviews all title issues upon receipt of preliminary report
Arranges to have preliminary report sent to sellers and buyers agents and loan agent
Sends statements of identity to seller / buyer as needed
Orders payoff demands on all existing deeds of trust and liens as needed
Clears all title issues as needed - Examples Affidavit - Death of Joint Tenant Interspousal
Transfer Deed and Instructions from Spouse
Orders Confirming Sale Independent Administration Act
Releases of Internal Revenue Service Liens
Releases of State of California / Franchise Tax Board Liens
Releases of Abstracts of JudgmentReleases of Child Support / Alimony Support Judgments
through the District Attorneys Office or through Attorneys for Respondent / Defendant
Releases of Postponed Property Taxes
Releases of Delinquent Property Taxes
Receipts into escrow all inspections / billings affecting property - Examples
Termite Inspection / Termite CertificationRoof Inspection / Roof Certification / Structural
Physical Inspection / Pool Inspection
Arranges for home warranty billing / contract to be deposited to escrow
Assists loan broker / lender with obtaining all information needed from escrow holder prior to
drawing of loan documentation
Communicates with fire / hazard insurance agent and arranges to have insurance coverage and
billing deposited into escrow
Communicates with listing / selling agents with progress reports as needed
Arranges for pick up / federal express of loan documents
Verifies final terms with listing / selling agents
Draws sellers and buyers escrow instructions and closing documentation
Makes sure we have complied with all Cal-Firpta and Firpta requirements
Sets up appointments for signature of sellers and buyers escrow instructions with agents
Signs off sellers and buyers
Sends request for loan funds documentation to new lender(s)
Prepares recording voucher for County recorders office
Prepares request for Owners and Lenders policies of title insurance
Sends documents to record to County recorders office
Arranges for wiring / pickup of lenders and buyers funds
Advises both listing and selling agents that loan has funded and has been released for recording
Upon meeting all requirements and receipt of all funds, releases file to record with County recorder's office
Upon confirmation of recording disburses all funds in file to proper parties
Advises sellers and buyers agents we have closed their transaction
Prepares final HUD-1 closing statement
Delivers broker, buyers and sellers checks as per instructions
Sends via federal express all loan payoffs
Sends closing letters to all parties in connection with the escrow
Prepares 1099's for Internal Revenue Service
Completes internal documentation in file
Forwards policies of title insurance to proper parties
Calendars / monitors any and all "funds held" items
Upon release of all "funds held" and completion of all internal functions the escrow file will be
sent to storage for safe keeping

Did you have any idea that all these things were being done behind the scenes on your transactions?

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Posted by Brad Andersohn ~ Community Manager on 03/16/2007 10:14 AM

Comments (17)

title and escrow, the escrow guy

Post is included in group: Solano County Realtors
Post is included in group: The Escrow Guy

17 Comments on How does she do it?

MAR

2007

Escrow really is the thorn in my side. A good escrow officer can make your transaction go smooth, a bad escrow officer can kill the best deals. I know that they do a lot, now if I can just get one to pick up the phone.

MAR

2007

It's a shame you aren't closer to my area, I'd love to show you how committed my team is to answering the phone in the midst of their daily (air traffic control) endeavors. We ALWAYS answer the phone by the 3rd ring. If my EO is not available because she's in signing a client, we offer an assitant, a branch manager, or myself to assist you with anything you need. Each branch and company is unique, and therefore makes it hard to offer this type of service across the board. I think this is where experience plays a huge part in how an escrow team can make your transaction seamless, and still be available to chat, support, and have a cup of coffee with you once in a while. Want to move north? I'd personally see to getting you the VERY BEST title and escrow service there is!!! Thanks for your comment, it's nice meeting you.

MAR

2007

they certainly do not get the respect of thanks they should get. Great job in bringing it all to the forefront.

Thanks for the comment Thesa. I have to agree. At times, escrow can be a thankless job, just like air traffic controllers, but we still need them both. Have you hugged your EO lately? :-)

AUG

2007

GREAT DAY, WOULD YOU ASSIST ME, I WANT TO VERIFY THAT MY CLIENT FUND IS CORRECT, I AM AFRAID OF FRAUDS. I AM SEARCHING FOR A COMPANY OR INDIVIDUAL THAT WOULD VERIFY WITH MY CLIENTS BANK AND LAWYER, THAT THE FUND IS LEGAL AND THAT IT CAN BE INVESTED. VERIFICATION OF CONTRACT AGREEMENT, DEPOSIT CERTIFICATES AND ADDITIONAL CLEARANCE CERTIFICATES.THANK YOU

Marcial - is this a transaction you have going currently with one of our First American branches somewhere in the US? If so, please let me know, I'll see if I can contact that branch for you and find out how they may be able to assist you further. I understand your concern and urgency. Please feel free to contact me outside of my Active Rain blog. Just go to my profile page for all my information. Thanks! Brad

AUG

2007

Way to go, Brad!!!! Escrow Officers rarely get the respect they deserve. Part of the problem is the attitude that many have that the escrow officer should work for them rather than with them. Escrow is certainly not easy and good escrow officers deserve to be treated as professionals - not sweat shop hired help. The first thing we establish with the Realtors that we work with is that our escrow officer is part of the entire team and will communicate and be treated as such.

SEP

2007

Beth - thanks for your comment and for recognizing the importance of appreciating a good escrow officer. It really is a thankless job. It's nice to get comments like yours that I can share with my escrow teams. It really makes a difference when they know they are appreciated. I know you agree!! :-)

You bet! I can't wait to meet up with you at the CRB Round Table event in Concord on October 3rd. John Pinto and I are moderating at the table next to yours.

Brad,

An escrow officer and multi-tasking go hand in hand. It's a job that requires superb organization from both the officer and the company the officer works for. If that aspect is well handled, then transactions will go smoothly. It's a demanding job that many in the industry don't really understand and therefore can't fully appreciate.

Beth - Joe Banuat had mentioned that, I too look very much forward to meeting you both as well.

Esko - that is a great summary, very well spoken. I'd like to think that is how we do business at First American. If you work with our Company, I think it's easy to appreciate, because there truly is a difference. :-) Whether on the listing or the buyers end, our escrow staff always to their best to ensure customer satisfaction. Thank you so much for your comment, i really appreciate it and so will my escrow staff!

BTW - I just flew out of Las Vegas into Oakland yesterday, sorry I missed you! Next time I'll owe ya a cup of Java...if you drink that stuff!

SEP

2007

Woah, that's a lot! We appreciate all of your hard work. Thanks!

Lacey - thanks! I am not an escrow officer, but I have worked closely with them the past 20 years and truly understand what it takes to do their job. I know they appreciate when people like you, appreciate their hard work.

Escrow officers have a thankless job and get little recognition. Great job to let everyone know how difficult their responsibilities are and how smooth the closing can be when they do a good job.

Gaylen -that is a true statement, but since many have read this post here on AR and outside or AR, my EO's get much more thanks for their hard work and efforts! A good escrow officer can make all the difference in the world when it comes to having a clients transaction go smoothly or not. Thanks for acknowledging that Gaylen!! :-)

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