In this week’s question we analyze the dreaded escrow fall-thru. In the last 12 months on the Monterey Peninsula, a total of 864 escrows were opened. What percentage of these never made it to closing?
Unfortunately, the answer is D. I was stunned to learn that a full 27% of escrows that open are cancelled! That’s a real bummer. I’m sure this has to do with a combination of the increasing number of bank-owned and short sale properties where banks are involved in the transaction, and the fact that buyers are pretty jittery these days. No wonder so many Realtors are leaving the business. Don’t worry though. The Heinrich team is here to stay!