You would be amazed how many people (including realtors) that don’t know this is a way to solve this common problem when you buy a house.
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. Of course you and the seller would have to agree on this.
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.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
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