Episode 011 – Interview w/ Veto Ruiz
What is an escrow? Do I really need to go through an escrow if I’m buying a house? For those who are new to Real Estate, the escrow process can often be a mysterious and misunderstood one. But, in Episode 011 of the podcast, we’re going to do all we can to remove all of that confusion and stigma in order to make it easy to understand! We talk with Veto Ruiz, an Escrow Officer at Glen Oaks Escrow — and an expert in all things having to do with escrows. But first, as usual, we start with a little news — and this week’s item is a doozy. Within an hour of being inaugurated, Donald Trump dismantles a program started by Barack Obama to reduce the Mortgage Insurance Premium on FHA loans. Ron and Tom discuss the impact that this could have on the housing market and what it means in the general scheme of a Trump Administration. The conversation then turns to our guest, Veto, and his incredible know-how of the steps needed to complete a valid escrow, the role of the escrow company as a neutral third party to the transaction, and the need for confidentiality between the escrow company and the buyer and seller. We then go step-by-step through the process (i.e.: tips for wiring a deposit, creation of escrow instructions and deeds, the role of title and vesting). We end up at the close of the process and recording of the deeds — as well as some items that may come up after everyone thinks the escrow is closed. We also go in-depth into how escrows can go “bad” and be cancelled if necessary — along warnings directed towards For Sale By Owners (FSBOs) about why it’s always better to get a Real Estate Agent involved. It’s another great episode, chock-filled with easy to understand information to help with your home sale or purchase. Please give it a listen!