Escrow calendars and orders demands to coincide with the close of escrow for all existing loans on property. Demands MUST be current at the close of escrow or title co. will hold money
Existing FHA loans, Escrow sends out demands immediately to avoid penalties to seller.
At listing appointment, agent needs to inquire about existing loans on property
Lender has 21 days to respond to demand request
Seller should continue to make payments on existing loans. If near the close of escrow, seller should make payment using cashiers check or money WILL be held at the close of escrow, by the title company
Monies from the lender to title company must be from a wire transfer.
Even though property records, disbursement by Escrow Company, including seller net proceeds, cannot be made until title company verifies collectable funds and funds are wired from title company to the Escrow Company Bank