“Could an Escrow Holdback Help?”
Are lender-required repairs pushing your closing date back? Adding an escrow holdback to your sale contract could help keep closing on schedule. A holdback retains funds in an escrow account to pay for repairs that will be made after the closing date within a specific timeframe. This ensures that the repairs will be completed and the contractors will be paid. It also ensures that any health-and-safety repair the lender requires to fund the purchase will be made soon after closing, protecting their investment and the buyers’. Unless a different agreement is reached the seller is usually responsible for contributing the repair funds for the holdback so the money is held from their proceeds at closing.
No need to let any of the many confusing details that can pop up during your real estate transaction complicate your negotiations. As seasoned real estate agents, we can put our extensive experience to work for you, navigating our way to a successful purchase or sale. We would love to add you to our ever-growing list of successful house buyers and sellers. Join the many who have moved in, moved out, and moved on with our agency by their side.
“OUR SUCCESS HAS BEEN BUILT ONE SATISFIED CUSTOMER AT A TIME.”
