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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Write everything out for escrow.. Posted by Ward-CA- on May 04, 2002 at 7:11 AM In Reply to: escrow isntructions? posted by Gonzalo Castro on May 03, 2002 at 11:27 AM : Hi Mr. Ward, I am buying subject to existing loan, and will go to escrow soon with my Home Equity Purchase Agreement. My question is: What should I tell the escrow agent? Does the Home Equit Purchase agreement have the escrow instructions on it? Are they going to know what to do as soon as they see the agreement? Or do I have to explain something to them? And if I do have to explain something to them, what would that be? Please help : Thanks! : Gonzalo =•=•=•=•=•=•=•=•=•=•= Gonzalo, Tell them what you agreed with the owner. Like what you have to pay to the defaulting homeowner, in both cash and paper, and how you’re taking title and what has to be accomplished before they close the escrow (verification of loan balances, title work, etc.). You will always have to explain ALL the details you want included in your purchase and resale escrows (since escrow's role is not to be proactive, but rather reactive to the requirements of the parties to the escrow). Hope this helps. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi Mr. Ward, I am buying subject to existing loan, and will go to escrow soon with my Home Equity Purchase Agreement. My question is: What should I tell the escrow agent? Does the Home Equit Purchase agreement have the escrow instructions on it? Are they going to know what to do as soon as they see the agreement? Or do I have to explain something to them? And if I do have to explain something to them, what would that be? Please help : : Thanks! : : Gonzalo : =•=•=•=•=•=•=•=•=•=•= : Gonzalo, : Tell them what you agreed with the owner. Like what you have to pay to the defaulting homeowner, in both cash and paper, and how you’re taking title and what has to be accomplished before they close the escrow (verification of loan balances, title work, etc.). : You will always have to explain ALL the details you want included in your purchase and resale escrows (since escrow's role is not to be proactive, but rather reactive to the requirements of the parties to the escrow). : : Hope this helps. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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