Escrow

No one wants to reschedule closing on a property. But in some cases, that’s the only option when home repairs crop up or are delayed. Maybe the sale was contingent on those repairs, so the closing had to be paused. Whatever the case may be, escrow holdbacks were designed with this common closing day hiccup...

Depending on the type of mortgage you have, you may be required to have an escrow account to pay your property tax and homeowners insurance. When mortgage servicing companies perform their annual escrow analysis, they may find a surplus or shortage of funds. Let’s take a look at what happens when there’s a surplus of...

Ever come up short on a bill? When this happens with escrow payments (aka disbursements), it’s called an escrow shortage. If your escrow account balance has come up short, there’s no need to worry. We’ve got the lowdown on escrow shortages – what they are and, of course, what happens next. Escrow Shortage, Defined An...

“Selling Sunset” fans (bear with us if you aren’t binging the real estate reality show), do you remember the episode when fan-favorite real estate agent Chrishell Stause had to sit and calculate a long list of closing costs, collect money from her client and make sure all the parties involved with the closing got paid?...

As you dip into the home buying waters, you may hear the term “escrow” being thrown around. Escrow accounts are common in real estate transactions and exist to protect both buyers and sellers. We’ll explain what escrow is, how it works and everything else you need to know about it when purchasing a home. What...