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What Not to do While in Escrow

Thursday, February 8, 2024   /   by Annie Junker

What Not to do While in Escrow

What Not to do While in Escrow
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What Not to Do While in Escrow

While in escrow, there are certain actions that you should avoid to ensure a smooth and successful real estate transaction. Here are some things you should not do while in escrow and the reasons behind them:

  1. Don't Make Large Purchases: Avoid making significant purchases or taking on new debts during the escrow period. Large transactions or changes in your financial situation can impact your credit score and financial stability, which may affect your ability to secure a mortgage or meet the lender's requirements.

  2. Don't Change Jobs: Lenders often verify your employment status and income during the mortgage approval process. Changing jobs or quitting your current job can raise concerns for the lender, potentially affecting the approval of your loan. It's advisable to maintain stable employment during escrow.

  3. Don't Make Undisclosed Cash Deposits: Transparency is crucial during the escrow process. Large, undisclosed cash deposits into your bank account may raise suspicions and complicate the verification of your financial history. Be transparent about any financial transactions during this period.

  4. Avoid Late Payments: Timely payments of bills and debts is essential to maintain a good credit score. Late payments can negatively impact your creditworthiness, potentially leading to issues with your mortgage approval. Pay all bills on time to avoid any complications.

  5. Don't Skip Home Inspections: It's important not to skip or neglect home inspections during the escrow process. Inspections help identify any issues with the property that may need attention. Skipping inspections can lead to surprises after closing, causing disputes and additional expenses.

  6. Avoid Changes to Your Credit Profile: Any changes to your credit profile, such as opening new credit accounts or closing existing ones, can impact your credit score. Lenders often check your credit history before closing, and significant changes may affect your loan terms or approval.

  7. Don't Disregard Contingencies: Contingencies in the purchase agreement are conditions that must be met for the sale to proceed. Failing to address or fulfill these contingencies can lead to complications or even termination of the deal. Work closely with your real estate agent to fulfill all necessary obligations.

  8. Avoid Negotiating Unnecessarily: Once you're in escrow, it's not the time for unnecessary negotiations. Renegotiating the terms of the deal without valid reasons can lead to delays and may even jeopardize the transaction. Stick to the agreed-upon terms unless there are legitimate issues that need attention.

  9. Don't Ignore Communication: Stay in close communication with your real estate agent, lender, and escrow officer. Ignoring emails or calls can lead to delays and misunderstandings. Promptly respond to any requests for information or documentation to keep the process moving smoothly.

By avoiding these actions, you can increase the likelihood of a successful real estate transaction during the escrow period. It's essential to communicate openly, follow the agreed-upon terms, and address any issues promptly to ensure a smooth closing process.


Reach out with any questions - I would love to help!  804-350-0879 | chris@smallre.net | chrissmallgroup.com

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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, that this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started!

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Additional resources
 
We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
 
To learn more, click the links below:
 
In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
Client Testimonial: Click the link below to hear from Sarah Merriman, a client of Chris Small. Thank you for your kind words Sarah! It's always been an honor to help you with your Real Estate goals.
Client Testimonial from Sarah Merriman
The Chris Small Group at Small and Associates
At The Chris Small Group, we embrace today's dynamic Real Estate market with fresh and strategic approaches to deliver optimal results. Our mission is to craft customized marketing plans that align precisely with the current market landscape. We commit to delivering exceptional outcomes that resonate with trends and buyer preferences. With our unmatched understanding of market dynamics, we ensure our clients' homes stand out and captivate potential buyers. Trust our expertise to maximize your property's exposure and generate genuine interest. Choose The Chris Small Group and experience the transformative power of our innovative and market-savvy approach in today's evolving real estate landscape.
A Story of a Sale: 3301 West Franklin Street
Chris Small, Broker | Owner
Luxury Real Estate Specialist

804-350-0879 | chris@smallre.net
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3103 Ellwood Ave.
Richmond, VA 23221
804-353-1250

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