subject: How To Get Through Your Escrow As Painlessly As Possible [print this page] Buying a home is such a wonderful occasion, but it is easy to underestimate the stress and strain that can be involved. Many first time homebuyers are surprised by the complicated and often lengthy process that they must go through in order to fulfill their lifetime dreams. The good news is that there is a way to get through this process with as little stress and pain as possible. From choosing the best person to represent you as home buyers to knowing what to expect, you can be prepared for whats to come in the weeks ahead.
The following are a few tips you can use to get through escrow as painlessly as possible.
Work With a Quality Escrow Company and Realtor
If you ask a homeowner what helped them get through it all, their answer will almost always be the professionals who supported them along the way. Because buying a home is such a huge investment of time and money, it is important to have the right people to represent your interests. An experienced and knowledgeable Realtor is the first step in making your dream a reality. He or she can seamlessly walk you through the process of bidding, inspections, loan qualification and any other escrow procedures that need to be followed. Putting your money in someone elses hands is also a big deal, so make sure your Realtor works with a respected escrow company and officer.
Have Extra Funds Set Aside for Unexpected Costs
Buying a home is much like remodeling a home -- always be prepared for unexpected costs and fees that go beyond what you planned. Adding an extra 10% or so to your budget may be a good idea. It is often hard to know what additional inspections may be needed during the home buying process because so much of it depends upon the home you choose, its age, the lender you are working with and the requirements of the loan. Many costs are covered by funds set aside in escrow, or buy the selling party; however they may still need to be paid for up front and recouped at close of escrow.
Keep the Lines of Communication Completely Open
As always, keeping an open line of communication is the best tool to keep a major purchase moving smoothly. As the home buyer, you are no doubt more than anxious to hear any news from the lender or Realtor. Be sure to keep them updated with any changes in employment or income which might affect your loan for the better or worse. Your Realtor should also be keeping you updated with any changes. Surprises on either end can be a hassle during the home buying process, but by following the above few suggestions, the process can be made much easier and less painful.
