| Two things today… 1) Tip on how to buy a house that needs minor repairs. 2) Short cool video: 7 steps for how to keep a positive attitude. Problem: You are in the process of buying a house that needs minor repairs – but the seller refuses to do them – what do you do? This situation happens a lot, especially on bank owned homes. The simple answer is to use an escrow hold back. …an escrow hold back is a small amount of money that is held out of the seller’s proceeds from the sale to make the repairs. You have to write the escrow hold back right into the contract – under special provisions. To avoid having to rewrite this clause – be specific. Your realtor will need to write – “An escrow hold back in the amount of $______ will be used for (specific) repairs.” One key with the escrow hold back is the repairs need to be minor – and they can’t take that long to finish. …an average amount of an escrow hold back is $1,500 to $5,000. Knowing how to solve minor repair problems on an offer – can sometimes make the difference between getting a great deal on a house, or not buying it at all. If this situation comes up with your deal – just give me a call – I can help you out. Here’s the video I promised you… Have a good day today! …and thanks for reading. To sign up for my weekly mortgage quick tips – CLICK HERE. |