Monday, March 9, 2009

Buyers and Activity - Becafeful of Sellers Who Don't Want an Escrow

We've had some exciting buyer registering activity happening lately with record number of buyers registering on our website in the past month and continuing on into March. We've been averaging 200 new buyer a week since early February, which right at our highs for this time of year. So there is great buyer activity going on.

On another note, I'm hearing more and more that buyers are getting into deals with sellers without doing an escrow. That dangerous especially in these times where sellers find themselves in debt to government agencies, vendors and the landlord. Remember, a buyer assumes those liabilities unless they go through a proper escrow.

I once had a client call me who thought they were getting a great deal on a restaurant they just purchased until he discovered after he bought it the the seller owed the state $50,000 in back taxes. He had to pay it!

So beware of seller who don't want to do an escrow!

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