Realtors are the most trusted advisers to buyers and sellers, make sure you maintain that status!
The new changes will test everyone, Escrow Officers, Mortgage Lenders as well as Realtors.
It is imperative that the Team you work with are knowledgeable and up to speed of all the changes. It is not enough to just tell the clients that there will be delays in the closings. It is a Realtor’s responsibility to make sure they are working with a skilled Team who is up to date of the changes.
Make sure you are Navigating the Ship in the right direction with the right Team!!!!
Here are a few questions to ask your Escrow Company:
- What systems do you have in place to protect my client from having their identity stolen from your office?
- Do you protect my client in the event of a mistake or error made by one of your employees?
- Do you have a Fidelity Bond for employee theft and/or liability?
- In the event my client’s money was compromised while in your possession due to a system hack. What is your system in place to protect my client?
- IF a lender asked you to provide verification of the following procedure :
a) Are you SSAE Certified or American Land Title Association’s ALTA 7 Certified?
b) Are you in compliance with the Escrow Institute of California’s Model Polices and Procedures?
If the answers are not there, be prepared maybe the Lender will as these same questions during Escrow and if the answers are not there the Lender might force you to change Escrow Companies. Now how embarrassing would that be, if you insisted on using the Escrow Company that was not certified. There goes your credibility as Trusted Adviser!
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at me at 310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com. I am a pet friendly realtor and I contribute a portion of my commission to local animal rescue organizations.
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