Tying the Knot on a Home Sale -
[Cached Version]
Published on: 8/4/2002
Last Visited: 8/4/2002
Lola Levoy, owner of Beverly Hills Escrow and a practicing escrow agent with 37 years' experience, said that she sees more residential properties falling out of escrow today than at any time in her career.Levoy theorizes that the overheated Southern California real estate market is the culprit.
"Buyers are overbidding to get into properties, and sellers spend the time during escrow questioning whether they sold too low.The result is that both the buyer and seller are very nervous that they made a mistake, and may attempt to back out of the deal," she explained.
She sees savvy real estate brokers agreeing to very short escrows so that their clients will not have time to dwell on their decision.
According to Levoy, the best way for a buyer to achieve a positive escrow experience is to carefully read the purchase agreement, and to communicate his intentions to the seller.
"The buyer falls in love with the beautiful Tiffany lamp over the breakfast nook and assumes that it is part of the deal," Levoy said."Meanwhile, the seller has no intention of parting with Auntie's heirloom.Buyers are so caught up in the house and whether or not their furniture will fit that they don't read the escrow instructions."
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