Bank, Escrow Agent, Lender, and Real Estate Agent

If you are all-cash buyer investor, you move the purchase contract to the Escrow Agent you select for settlement of transaction. You must be mindful of the fact that you are moving a huge chunk of money from your bank to the Escrow Agent. It maybe preferable for you to carry the cashier check yourself to the closing table, and take transfer of title documents in exchange. However, if you are a distant buyer, you may transfer your funds to a local bank or preferably a branch of your bank, and have the bank engage a local Escrow Company to do settlement for a fee.Bank does report trail of money to the IRS with summary of transaction papers.

If you are engaging a lender to give you loan for the transaction, it may be better to let the bank take control to engage an escrow company to do the settlement for a fee.

If you plan to invest in multiple properties, develop your relationship with the bank to open a business account for deposits and disbursements beside escrow services for the transactions. Your bank should be able to extend you a line of credit and refinance the properties that you bring to its table as collaterals.

For an investor, your bank and your real estate agent are your partnersin your businesswho can take you far!