What escrow is

       The principals to the escrow : buyer, seller, lender, borrower : cause escrow instructions, most usually in writing, to be created, signed and delivered to the escrow officer. If a broker is involved, he will normally provide the escrow officer with the information necessary for the preparation of your escrow instructions and documents. The escrow officer will process the escrow, in accordance with the escrow instructions, and when all conditions required in the escrow can be met or achieved, the escrow will be "closed." Each escrow, although following a similar pattern, will be different in some respects, as it deals with your property and the transaction at hand. The duties of an escrow holder include; following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with the instruction; paying all bills as authorized; responding to authorized requests from the principals; closing the escrow only when all terms funds in accordance with instructions and provide an accounting for same, the Closing or Settlement Statement.

Escrow: What it is and why you need it

Very simply defined, an escrow is a deposit of funds, a deed or other instrument by one party for the delivery to another party upon completion of a particular event. Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until all of the instructions in the transaction have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been complied with.

6/23 – Part 2

After looking things over me and my broker made the conclusion that the house is profitable. My broker then went down to the bank and got a cashier’s check made with his and my name on it. When you get to the auction you have to show proof of payment by having a license match up with the name on the cashier’s check. My broker then sent me to the auction which was a 45 minute drive to the Fresno County Courthouse. I have been to many auctions before with my broker so I knew the routine and what I had to do. Once I got there I first registered to bid. All what this is, is basically showing the county your Cashier’s check proving you have enough money to buy the house. After I registered to bid on the house I was there to bid on the house was the first one of the auction which was cool for me because the auction could last a few hours because of the many foreclosures on the market. Other people registered to bid but didn’t bid once the auction started. I had the highest and only bid for my broker’s house. I bid a penny over the opening bid and my broker was happy we got it at the lowest possible price. It was some very good experience for me by going to the auction

6/22 – Part 1

            Today my broker surprised me by letting me know that I was going to go by myself to the county foreclosure auction later today. On the way into the office my broker and I both looked at a house to see if we were interested in it. Many things come into play to determine if the house is profitable or not. You always have to first of all check the overall condition of the house. You do this by making sure that if you were to buy the house your not going to have to put too much money in it to re-sell it for a profit. Things like replacing the roof, air conditioning, having termite damage or any other high expense will tell you whether you should buy the foreclosure or not. Second if you were to purchase the house you need to make sure all the taxes are current and up to date and make sure the sale is a first trustee sale. If the taxes aren’t current or the sale is a second trustee sale you will have to pay extra money for the house and cover those debts for the previous owner. I’ll let you know what happens at the auction later im pretty excited to go and represent the company.

Last night I enjoyed watching the final game of the college world series. Being a pitcher from high school has always made me such a big fan of baseball and all sports! I really enjoyed watching the game with some friends and getting a chance to get work out of my mind for the time being. Im extremely glad that South Carolina ended up winning the series! Because they won the game they ended up breaking a big record and makes them back to back NCAA baseball champs! They ended up breaking they're own record last night and are the only team to have an 11 - 0 record in a College world series! Plus its always cool to see what happens on the final out and how each champion each year runs out on to the field and celebrates in their own way!

6/24

 Today I came into the office a little tired than useual. I was up late the night before because I was finishing assignments that were due for an online summer school class im also involved with this summer. I came in and got right to work not being too concerned with my sleep. After only about thirty minutes passing from when I started all of a sudden the lights turned off and the computer I was working on shut right off. My broker gave me a few quick things to do while he was on his cell phone trying to figure out what was wrong with the power. I guess just by my luck there ended up being a problem with the whole areas power and it wasn't getting fixed for hours maybe even till the next day. After that my broker then told me that I can take the rest of the day off which I needed for sleep!

Today I was thinking about how my internship is coming to an end very soon and it made me realize how much I learned this summer and how much im going to miss working around in the office. Having some what of a "job" already in the same field im studying for a little period of time makes me not want to go back to school and then continue with the job! I can honestly say its going to be different but I have learned so much during my time here. My favorite things to do while here is to go around and look for / at property and doing alot of the offices accounting. Keeping the books is somnething that I really enjoy doing.