What do you do if you are buying a house that needs minor repairs? …but the seller refuses to do them?
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.
The seller of course would have to agree to these terms.
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 $3,000.
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.
That’s it for today!
Brett
To see if you qualify for a mortgage right now – [ez_btn color=”red” url=”http://r20.rs6.net/tn.jsp?e=001ZsPIwUJX5myadWTNmLM40p3105ZmijvDiFaRrGk2pLk2d7djclcxFOoYDH4jnPL3eJxE31ln2mNnnAw0ngR6ZVSqyK469UA-NXaqmgNx4nv60si8YmjXb7hVgXOoXYQ1Vue1Rk486lymQk0v4CSfkA==”]CLICK HERE[/ez_btn] and fill out this simple application.
To sign up for my weekly mortgage quick tips – [ez_btn color=”red” url=”http://loansdonequickly.com/email-quick-tips-sign-up/”]CLICK HERE[/ez_btn].
I’ve written about this before, but we have more and more people passing the age…
I had this situation come up again last week, and I wanted to address it…
One of the most important things you will have to do when you apply for…
I wanted to remind you that we have a 2% to 5% downpayment and closing…
If you receive money from the State or a County sponsored organization for providing foster…
Do you have investment property, and would like to pull cash out of your property?…