9 Steps to Sell Your Home in a Slow Market

No one can predict what the rest of 2010 and beyond will bring, but many markets have slowed, if not declined, although many experts believe the “bottom” has already occurred in many markets. For the majority of established home owners in the prevailing market, prior property appreciation will ensure at least some degree of profit, though today's sales might not be as prosperous as they would have been a few years ago. But all homeowners want to get the highest possible profits. How do you go about this? There are 10 negotiating steps that a seller can follow to assure that a person's home gets the best price and is sold quickly.

Step 1: Use a broker from the local area. When the market is down, so is the number of buyers. That means that you need to expose your property to as many potential buyers as possible. Who do prospective buyers get in touch with when they are house hunting? Real estate brokers. National Association of Realtors statistics show that 85% of purchasers count on real estate brokers for their home selections, while the Internet accounts for 80%. Who creates all of those online real estate postings? Real estate brokers from the local area.

Step 2: Familiarize yourself with the entire sale agreement. Nearly all jurisdictions have standardized real estate contract that has become lengthy and complex over many years. If you use one of those, read it carefully and be aware that you are agreeing to every unmodified term and condition. Make sure there is nothing in the agreement that needs to be taken out, rewritten or added. The brokers should offer a copy of the sale agreement that they might use at listing presentations and the sale deed should be read to avoid misunderstandings. As these are agreements on forms, whatever is not stated as a requirement by the law can be changed by a cross-out or addenda. Consult your attorney or broker for further detailed information.

Step 3: Be completely familiar with the current real estate market. For the sake of negotiations, knowing what the recorded sale prices were isn't sufficient because often they don't give the complete picture. As an example, two houses might have both sold for $300,000. A person might have sold for $350,000 while the other for $300,000 but the owner gave the buyer a 6 percent seller credit for a new roof and appliances, which is $18,000. Local brokers who are familiar with the details of recent sales are able to provide the best negotiation advice.

Step 4: Understand all of the terms you are willing to offer. You are confident that your home is going to sell at some satisfactory price, but instead of starting out with an inflexible amount, consider the property sale as a combination of price and terms. For example, it might make more sense in a slow market to help reduce the buyer's closing costs by offering a "seller contribution "instead of lowering the price of the property. Often the seller contribution could be significantly less than a reduction in price, and buyers who require cash to close the sale could find it more attractive as well.

Step 5: Request a smaller deposit. In order to bind a legal contract, the buyer needs to make a deposit. In a standard transaction in California, a seller will receive a deposit equal to 3% of the purchase price, but in a down or "off" market, a much smaller deposit request may attract more buyers. The buyers prefer to make the lowest possible deposit because a huge deposit indicates a big financial and psychological commitment. You can ask for a lower deposit if the buyer has mortgage pre-approval or if the buyer shows a strong interest in the property and you have no other offers.

Step 6: Sweeten the pot. Are you really planning to take large items like a swing set or washing machine? In certain cases it may be better to leave such items if a buyer makes an offer.

Step 7: Fully understand the marketing plan. The broker's marketing plan should be reviewed quite often to see that it is being followed and is changed whenever it is needed.

Step 8: Check out other open houses. Going to open houses, also known as your competition is a great idea. It isn't always easy to be objective. However, do other owners have selling ideas that might work in regards to your home? Is there something you can use to bargain with? You could consider offering to do some painting or other cosmetic repairs.

Step 9: Keep everything in context. Don't worry about nickels and dimes when your main goal is to get the house sold.

As an example, just before closing the deal, let's say the buyer requests an extra $750.00 to resolve last minute concerns. It might be better for you as the seller to lose $750.00, than to try find another buyer later when the market may be harsher and the final sale price might end up being lower by several thousands of dollars. Would the seller have preferred to have saved that $750.00? Certainly. However, seven hundred and fifty dollars was a small price to pay considering that the delays could have meant a big reduction in price.

Tree Sitters Plagued by Low Appraisal; FHA Repairs

Mark Thompson just wanted to get a fair deal for his tree house. After three and a half years of treetop living, soaking up the sun every day without a care in the word, the troubled economy finally found its way and left its mark all the way to the top of this lonely Northern California pine. Mr. Thompson's troubles began when he agreed to sell the treetop dwelling to an undisclosed buyer, after the two struck up a conversation at the local 7-11 while Mr. Thompson was re-stocking his weekly supplies of Kentucky cheroot cigars, moon pies, and grape flavored Cisco. After agreeing to the price of $375 and two 18-packs of Strohs, the two inked the deal on the back of a chili-dog takeout box & things couldn't have been better. But thats when the troubles started...

"I knew I shouldn't have taken an FHA loan!", complained Mr. Thompson a mere week and a half later. Things were going just as smooth as can be, until the FHA appraiser came over to take a look at the property. Even though the tree was the tallest and most beautiful in the forest, the appraiser reduced the value because there were not enough nice trees around to compare it with. Also, most of the nicer trees had been cut down along time ago, so they couldn't use those for comparison anyway because they were too old. The appraiser also reduced the value because there was only a ropeladder to get up, and what if someone had a hard time climbing? So when all was said and done, the appraiser put the value of the treetop dwelling at $170.00, WITHOUT the Strohs. To add insult to injury, if he wants to sell, he is also required to repair the leaky roof, patch the holes in the tarpolin on the side, bolt the foundation of the structure to the trunk and secure with 1/2" metal guards, and remove all of the peeling bark from the tree, as that could present a safety hazard to small children who might decide to snack on it.

"I don't know what else to do, the wood, nails and tarp cost me at least $200 bucks, not to mention the ropeladder. If I don't get a little help from the buyer on this one, I might end up having to do a short sale or just walk!!"

Unfortunately, this story has been told over and over again.... We wish the best of luck to Mr. Thompson in his unfortunate situation!

5 COMMON MYTHS REGARDING SALES OF REO PROPERTIES

The abundance of foreclosure (otherwise known as "REO" or "Real Estate Owned") properties in today's market means that many first time buyers are finding themselves purchasing a home from an REO seller. There are certain things that differ between a "regular" standard sale of a property, and one purchased from an REO seller, but many people are not clear on what is and is not required of the seller in such transactions.

The Southland Regional Association of Realtors has published a great informative article in their September 16-29, 2009 Realtor Report, pointing out and explaining 5 common myths regarding the sale of REO properties. Following is the full text of the article:

5 Common Myths Concerning REO Sales

Myth #1- Sellers of REO properties are exempt from all disclosures.

While many Sellers and Brokers who list REO properties stamp all the contracts and disclosures with the statement "Seller Exempt from all Disclosures," this is simply not the case. CAR puts out an excellent chart that indicates which disclosures are required and which are not for REO properties. REO sellers are exempt from providing the Transfer Disclosure Statement and the Residential Earthquake Hazard Report. REO sellers are NOT, however, exempt from disclosing any material facts that they are aware of, concerning the property.

While they do not have to use a TDS to disclose any material facts, they are required to disclose these facts in writing to the Buyer. Further, while REO Sellers are exempt from providing a Buyer with a Natural Hazard Disclosure Statement, the law does not exempt them from disclosing many of the zones that are contained in such reports. While this law makes little sense, it is highly suggested that the Natural Hazard Disclosure Report be provided to all Buyers since the REO Seller has affirmative duties to disclose such zones and there is really no way to properly do so without the use of such a report.

Next, REO Sellers are not exempt from the lead-based paint disclosure on properties built prior to 1978. While the REO Seller is not required to pay for Smoke Detector, Water Heater Bracing and other local mandatory government retrofit requirements, they are not exempt from filling out the appropriate CAR Smoke Detector and Water Heater Disclosure forms. LA city also requires the Certificate of Compliance form to be completed regardless of who actually pays for the retrofit work. Providing these forms without Seller signature is not in compliance. Someone with authority to sign on behalf of the Seller should be signing these disclosure forms. Also, remember that both the listing and selling agent are required to perform a visual inspection of the accessible areas of all residential 1-4 unit properties and disclose the results of that inspection to the Buyer. There is no exception to this rule for REO properties.

Myth #2- Buyers should simply sign the REO Addenda provided to them without reviewing these documents.

This can be a very dangerous practice, both from a liability and expense perspective. Many of these addenda provided by REO Sellers are heavily weighted in favor of the Sellers. While the Buyer may have little choice in signing these addenda since the REO Seller may refuse to sell to them unless they are signed, that doesn’t mean that the Buyer should not carefully review them first to see how they impact the Buyer’s legal positions and expenses that they may incur. While it is traditional for the average Seller in Southern California to pay for the mandatory retrofit items and the Country and City Transfer taxes, these addenda often pass this responsibility on to the Buyer. These are negotiable items between a Buyer and Seller, but it is important for a Buyer to be aware of exactly what they are going to be responsible for since this could add up to thousands of dollars.

Myth #3- All Sellers provide Buyers with the Same Type of Title Insurance Policy.

While the CAR Residential Purchase Agreement calls for the Seller to provide the Buyer with an ALTA/CLTA Homeowner’s Policy, the REO addenda may change this to a Standard Policy of Title Insurance which provides less coverage than the above mentioned policy. Once again this is a negotiable item, but in such event, it would be wise for the Real Estate agent to counsel the Buyer on the possibility of the Buyer paying the difference between the Standard Policy and the ALTA/CLTA Homeowner’s policy. The cost is relatively low and it could prevent a major problem in the future.

Myth #4- REO properties are sold AS IS and the Buyer cannot ask the Seller to make any repairs after completing the home inspection.

While it is true that REO properties are sold as is, and while you will undoubtedly see quite a bit of language in the REO addenda indicating that the Seller will not make any repairs whatsoever, nothing prevents a Buyer from asking the Seller to make repairs as a result of the home inspection. The Seller can certainly say no, but often times the Seller will agree to certain repairs or to a credit or reduction in the sales price. You should certainly prepare your Buyers for the possibility that the Seller will say no, but, as they say, it never hurts to ask.

Myth #5- It is Illegal or Unethical for an REO Seller to require a Buyer to get prequalified or preapproved though a specific lender of Seller’s choice.

While this might be inconvenient for a Buyer, there is a good business reason for requiring such a prequalification or preapproval. Unfortunately, there are many lenders out in the field issuing prequalification letters that turn out to be worthless. In such cases, the property may be tied up for weeks only to find that the Buyer really isn’t qualified for the loan in question. The Seller has the right to have the Buyer evaluated by a Lender whom the Seller has confidence in to determine up front whether the Buyer appears to be capable of obtaining the loan in question. The Seller cannot, however, require the Buyer to obtain the loan through that particular lender.

As a final comment, it is always wise to prepare your Buyer ahead of time when dealing with an REO property. There may be time delays in getting an offer presented and accepted. There may be additional delays in getting documentation from the lender and there may even be delays in closing the escrow caused by the Sellers. Making the Buyers aware of these issues up front may help smooth the way a bit down the road. And don’t forget to use the CAR form entitled REO Advisory. This form is designed to provide the Buyer and Seller with important disclosures and information regarding the REO process.

Thanks to the Southland Regional Association of Realtors for the above article. The full text can be found HERE.

Real Estate and Wildfires - What You Need to Know...

Hats off to the thousands of firefighters who braved INCREDIBLY hot and humid weather when fighting the gigantic Southern California wildfire now known as "The Station Fire". The firefighters did an AMAZING job of keeping the fire at bay from dozens of communities throughout the foothills of the Angeles National Forest. They worked so so hard, night and day, working 16 hour shifts with no days off, in order to do everything possible to save the homes of countless residents. They really are heroes & do an awesome job!

When disasters such as this one strike, after the initial danger of personal safety has passed, many may be left with unanswered questions regarding the legal ramifications of properties affected by fire. The staff of the Legal Department of the California Association of Realtors (C.A.R.) has come up with a comprehensive list of questions and answers which may be helpful to those affected, and important for all homeowners to be aware of. Following is a copy of the article in full, which is reprinted with permission...

Introduction

The seasonal firestorms we experience in California raise several legal questions for REALTORS® and their clients. The following questions and answers may be helpful for property owners and residents who have suffered a loss, or for buyers who are in escrow to purchase property involved in the disaster.

Q 1. What are the general rules concerning who bears the risk of loss in a real estate transaction where an "Act of God" or other disaster, such as fire, affects the property?

A If the purchase contract between the parties does not specify who is to bear the risk of damage or loss to the premises during the time between the execution of the contract and the transfer of title, the liability of the parties is governed by the California Uniform Vendor and Purchaser Risk Act (Cal. Civ. Code § 1662). Under the provisions of this statute (assuming no fault on the part of the buyer), the risk of loss or damage to the premisesis carried by the seller until the buyer receives either title or possession. (Note: C.A.R.'s Residential Purchase Agreement and Joint Escrow Instructions, Standard Form RPA-CA, revised 10/02, does not dictate how risk of loss is allocated between a buyer and a seller.)

If all or a material part of the premises are damaged before title or possession is given to the buyer, the buyer can cancel the contract and recover any portion of the purchase price paid. It is not clear whetherthe buyer can alternatively elect to enforce the contract with a reduction in the purchase price equal to the loss of value or cost of repair. (Cal. Civ. Code § 1662.)

After the buyer has taken possession or has received title,the buyer bears the risk of loss or damage to the premises (assuming no fault on the part of the seller). Therefore, if the premises are damaged, the buyer must still complete the contract and pay the balance of the purchase price. (Cal. Civ. Code § 1662.)

If the purchase contract does contain a risk of loss provision, that provision will govern to the extent it is different from or more specific than the Uniform Vendor and Purchaser Risk Act (Uniform Act) (Cal. Civ. Code § 1662).

Q 2. May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is minor?

A Probably not. The Uniform Act implies that the seller may still enforce the contract if the damage is not material. However, a purchase agreement may require the seller to repair such damage. For example, Paragraph 7A of C.A.R.'s Residential Purchase Agreement requires the property to be maintained in substantially the same condition it was in on the date of acceptance. Under this language, a seller could be obligated to repair fire-related damage to his or her property.

Q 3. May a buyer get out of a purchase contract under the Uniform Act if the damage or loss caused by fires to the property is major?

A Yes. To repeat, if (1) neither legal title nor possession has transferred from the seller to the buyer, and all or a material part of the real property is destroyed by fire, and (2) no express contract provision to the contrary exists, then, under the Uniform Act the seller cannot enforce the purchase contract and the buyer may cancel and recover any portion of the purchase price already paid. (Cal. Civ. Code § 1662.)

Q 4. If the damage is not severe, does the timing of the fires (whether they occur before or after an inspection) affect the right to cancel?

A Yes. If the damage occurs before the buyer has removed an inspection contingency in his or her purchase contract, the buyer can, of course, exercise any inspection, disapproval, and cancellation rights provided by the contract.

If the damage occurs after the buyer has removed his or her inspection contingency, the buyer generally does not have an automatic right to reinspect the property and approve or disapprove of its condition under most purchase contracts (including C.A.R.'s Residential Purchase Agreement). However, the seller may be obligated to repair the property. See Question 2.

A purchase agreement may, however, require a seller to disclose fire-related information, which in turn may give a buyer a right to cancel a transaction, even if he or she has already removed contingencies. For example, Paragraphs 5A(3) and (4) of C.A.R.'s Residential Purchase Agreement provide that if,prior to the close of escrow, the seller becomes aware of adverse conditions materially affecting the property, the seller must provide a subsequent or amended disclosure or notice, which then gives the buyer a right to cancel the agreement.

Q 5. Must a seller disclose major fire damage that has not been repaired when attempting to sell the property?

A Yes. For sales of residential one-to-four unit properties, the Real Estate Transfer Disclosure Statement (TDS), Section II (Seller's Information), paragraph C.9, asks:

"C. Are you (Seller) aware of any of the following: . . . 9. Major damage to the property or any of the structures from fire, earthquake, floods, or landslides.
______ Yes ______ No." (Cal. Civ. Code § 1102.6 (emphasis added).)

In addition, for both residential one-to-four unit and other properties, the seller is required to inform a buyer whether the property is located in a "very high fire hazard severity zone" (which has certain maintenance requirements) or a "state responsibility area" (which may contain substantial forest fire risks and for which the state has primary financial responsibility for fire prevention and suppression). (Cal. Civ. Code §§ 1103.2 et seq.) The disclosure of these and other natural hazard zones is discussed more fully in C.A.R.'s legal article, Natural Hazard Disclosure Statement.

For all types of property, the general requirement of disclosing known material facts affecting the value or desirability of property applies.

Q 6. Must a seller disclose the fact of a fire when there was no major damage to the property?

A Yes, if it is a material fact affecting the value or desirability of the property to the buyer. Even though the property may not have suffered major fire damage, the seller may be aware of other facts related to the fire that the buyer might not be aware of. Of course, a buyer must also exercise reasonable care to protect himself or herself in a real estate transaction, and is not excused from discovering problems that are within his or her diligent attention and observation.

Q 7. Must a seller disclose the fact of a fire when there was major damage to the property but it has been repaired?

A California law does not clearly answer whether a seller must disclose past property defects and repairs. At the present time, the law does not appear to require disclosure of past defects and repairs unless the problems may be persistent. In other words, a defect which has been fully repaired and no longer threatens the value or desirability of the property probably need not be disclosed. On the other hand, defects which are difficult to remedy and which may continue to plague the property may have to be disclosed. Given some uncertainty in this area of the law, many sellers may prefer to resolve doubts infavor of disclosure to minimize the risk of liability.

Q 8. What are the tax effects of destruction of a property?

A Federal income tax law provides for the deduction of "casualty losses," which include destruction of property by "Acts of God" including fire, theft, and certain other types of losses. (See 26 U.S.C. §165.)

The following is a brief summary of the rules:

1. (1) For business property, the casualty loss is fully deductible. (26 U.S.C. §165(a).)
2. (2) For non-business property of individuals, losses from "casualties," including floods, earthquake, fire, storm, or other natural occurrences, are generally deductible only to the extent that the total of such losses exceeds 10 percent of the taxpayer's adjusted gross income for the year of loss. Any loss is deductibleonly by a taxpayer who itemizes deductions. Each loss is subject to a $100 floor. The amount of a casualty loss is the lesser of, (a) the difference between the value of the property immediately before and after the loss, or (b) the adjusted basis of the property immediately before the loss. (26 U.S.C. §165(c)(3) and (h).)
3. (3) If the loss results from a disaster that the President determines to be eligible for federal assistance, the taxpayer has the choice of deducting the disaster losses on his or her return either, (a) for the year in which the loss occurred, or (b) for the preceding tax year. (26 U.S.C. §165(i).)

See the Internal Revenue Service's website for more information. For a copy of the IRC code, go to U.S. Code Online and enter 26 for the title and 165 for the section and click on search.

Please contact an accountant or tax attorney for further details about the tax effects of fire losses on a particular transaction.

Q 9. Can a landlord or tenant terminate a lease or a rental agreement if all or parts of the premises are destroyed by fire?

A Yes. Under California Civil Code Section 1933(4), the agreement is terminated automatically if the entire premises are destroyed, unless the parties have agreed to something different. In the event the premises are only partially destroyed, the tenant can terminate the lease by notice to the landlord if the landlord had reason to believe at commencement of the lease or rental agreement that the portion destroyed was a "material inducement" to the tenant to enter into the lease (Cal. Civ. Code §1932(2)).

Again, any contrary agreement between the parties will govern.

Q 10. Can a landlord collect further rent after the lease or rental agreement is terminated due to destruction of the premises?

A No. The obligation to pay future rent is extinguished when the rental agreement is terminated. However, a tenant maystill owe back rent.

Q 11. Where can I obtain additional information?

A Additional information is available on the Real Estate Resources page on C.A.R. Online. Look for the category, "Fire Disaster Assistance." This legal article is just one of the many legal publications and services offered by C.A.R. to its members. For a complete listing of C.A.R.'s legal products and services, please visit C.A.R. Online at www.car.org. For a list of important contact numbers, please see Appendix A below**.
**(see link to article on C.A.R. website for Appendix A with list of contact numbers)

Readers who require specific advice should consult an attorney. C.A.R. members requiring legal assistance may contact C.A.R.'s Member Legal Hotline at 213.739.8282. C.A.R. members who are broker-owners, office managers, or Designated REALTORS® may contact the Member Legal Hotline at 213.739.8350 to receive expedited service. The access times are Monday through Friday, 9:00 A.M. to 6:00 P.M. Members may also fax or e-mail inquiries to the Member Legal Hotline at 213.480.7724 or legal_hotline@car.org. Written correspondence should be addressed to:

California Association of REALTORS®
Member Legal Services
525 South Virgil Avenue
Los Angeles, California 90020

The information contained herein is believed accurate as of September 2, 2009. It is intended to provide general answers to general questions and is not intended as a substitute for individual legal advice. Advice in specific situations may differ depending upon a wide variety of factors. Therefore, readers with specific legal questions should seek the advice of an attorney.

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The following article was prepared by and is courtesy of the California Association of Realtors (C.A.R.) Legal Department - reprinted with permission. The entire text of the article can be found HERE. Source: http://www.car.org/legal/2009-qa/firestorms/

California Association of Realtors Fighting for Buyer's Rights....

The California Association of Realtors has recently achieved a compromise in State Assembly Bill 957 (AB 957), working with the author of the bill, Democrat Assemblymember Cathleen Galgiani, to protect buyers rights when dealing with lenders selling foreclosed properties. The new language in the bill will protect buyers in the selection of escrow and title services, allowing them to negotiate with the sellers of REO properties, instead of allowing them to direct the service providers as they are accustomed to doing. Now they will have to pay for the privilege...

A press release on the bill from Assemblymember Galgiani's office can be found HERE.

One more example of how the California Association of Realtors is looking out for YOUR rights...

Finally Closing the Deal.....

Congratulations to the Snyders, and congratulations to the new buyers and new owners of the home at 5162 Windermere Avenue!! Escrow successfully closed on April 23, 2009... A great experience from start to finish, a very smooth closing, and absolutely wonderful buyers, sellers and agents to work with - a top notch transaction all around!! Congratulations and a big thank you to everyone who helped make it happen!!



Less than 45 days from listing in the MLS to the close of escrow and the sellers receiving 5% ABOVE the asking price - I have been blessed with an incredibly smooth deal and my clients couldn't be happier... (Unless of course, they have their offer accepted on their new home!!!!).

Now its time to push on and go forward... Plenty of houses out there for everyone!!!

And with the $8,000.00 first time homebuyers tax credit, along with low home prices and historically low interest rates, it is a fantastic time for buyers to realize their dream of owning a home for the first time. Home ownership is now within reach and an actual reality for people to whom just a few years ago, it was only a dream....

A Little Bit About Me...

Prior to joining Coldwell Banker Residential Brokerage, John Barry spent over a decade in the escrow industry, expanding and refining his real estate experience and expertise as an Escrow Officer, coordinating and closing hundreds of real estate transactions for his clients.

The escrow period is a time when many problems can and often do arise which could make or break a transaction. Having an agent to represent your best interests who is highly skilled in their knowledge of the legal documents, disclosures, and other intricacies of the closing process could mean the difference between an unforeseen problem that could jeopardize your entire deal, or arriving smoothly to the successful and happy closing of your transaction. With John’s proficiency in the closing process and years of experience working to resolve countless real-life closing problems, there is no better agent to have on your team to represent you.

John strives to consistently fight for and protect the best interests of his clients, ALWAYS putting their needs before his own, conducting himself with the highest possible ethical standards and providing extraordinary, professional and courteous service at all times. John’s commitment to excellence equals that of Coldwell Banker, whose foundation is their dedication to professionalism and customer satisfaction.

Please Contact me for all your real estate needs, and be represented by the best of the best.

Don't Worry, Escrow Will Take Care of Everything....

Some people believe escrow officers must be miracle workers. And honestly, there may be some truth to that... I mean, who else in your typical real estate transaction has to deal with not only ALL of the parties involved, (buyers, sellers, lenders, attorneys, mortgage brokers, real estate agents, title officers, insurance agents, and the list goes on and on..), but their emotions as well, trying to walk a tightrope between them all, at the same time wearing the hats of a psychologist, therapist, and referee? (Ever heard the saying "Too many chiefs & not enough indians..." ??) And typically, without fail, no matter how hard the escrow officer works to avoid it, the grant deed will be delivered two day before the scheduled closing, signed in PENCIL, and with NO notary acknowledgement. (Reason being, of course, that everyone knows the effect of Murphy's Law is three times as prevalent in Real Estate than any other profession...)

"Oh, and by the way..", the seller's agent will say with a straight face, "My seller just left for a two week safari in Africa, and he will be spending most of the time traveling from village to village in a dugout canoe through the jungles of Botswana, where he of course won't be reachable by fax or phone, and the nearest Fed-Ex office or internet connection is at least two thousand miles away..."

"...but this deal HAS TO CLOSE ON FRIDAY!!!!!!"

To most people, escrow is a mysterious process, something that you have to go through if you are buying or selling property but don't really want to, and something that doesn't really sound all that appealing, anyhow. But an escrow officer is there to keep the communication going and the documents flowing between the parties, so everyone is aware of what is going on and there are no suprises approaching closing time... A good escrow officer will be able to use their experience and knowledge to help anticipate and identify any potential problems that COULD arise in a transaction, potentially jeopardizing the closing, and will work to keep everything on track for a smooth and painless transfer of the property (that is, until your seller decides to jet off to Africa to photograph a few zebras and giraffes at the most inopportune time...).

I have been in the escrow industry in the Greater Los Angeles Area for over a decade, much of that time as an Escrow Officer. And believe me, the safari story is not even CLOSE to being the craziest thing to befall a closing in my time...