Okay, now I come to Khan for physio, med lecs and bio. I just happen to be looking at home buying vids and you show up! Never a dull moment. You guys are the best!!!
Butterfly Queen escrow in essence is a regulated 3rd party that follows governing laws of real estate with licenses which for any reason of money goes missing or any other instance those monies can be refunded. we as escrow reps are like a mediator to make sure both parties are meeting each others expectations and take the hassle from both the buyer and seller by paying off outstanding debit, property taxes, liens, etc..
What if the escrow agent is a fraud working to get your money / deed of the house for the other party? How do you know he won't be careless with your transaction or just run off with all that money?
Well, you can never know. Really, even if the escrow agent has many people supporting it (or even is funded by the government itself), we do live in a corrupt world; and every man has his price. By buying anything, whether it be a house or just a chocolate bar, you are taking a risk of facing fraud. /
Inheritance, lines of credit, savings, cash from a previous sale of an asset and last but not least a loan. There are plenty of ways to get that money.
I would say that it's a principle in today's economy to give out loans. Since money is created by borrowing money. Keep borrowing or else our system would collapse. Debt free world == economic collapse.
