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2017-05-25 18:00:08
What is escrow, simplified

Today's question is 'what is escrow'? There are many ways to explain escrow but by far the easiest way is to go back to an old childhood dilemma dealing with trust.

 

You see there were two kids, about 7 years old. One had a frog, and the other had a nickle. As kids will do, the one with the nickle wanted the frog, and the one with the frog wanted the nickle! But how do you make sure that one of the kids doesn't end up with both the frog and the nickle.

 

So in walks another kid, maybe 11 years old, and offers a solution! She offers to take both the frog and the nickle and then make the swap for them. So both kids hand over what they have to the other kid and the swap is made! Each kid is handed what they bargained for.

 

So escrow was born. In essence it is a highly regulated, bonded and insured business that makes sure that everybody gets what they want. The buyer gets the house and the seller gets the money.

 

Feel free to ask me for more information!

Steve Innis, broker/owner

Clairemont Realty

858-922-2410

 
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