Richard's Real Estate Thoughts - Chattanooga TN Mortgage Lender: July 2014

Small repair holding up your home purchase? Repair escrow might help.

Some purchases can be held up by a fairly minor expensive repair.  The buyer is OK with purchasing the home with the repair not completed, but the lender requires that the repair be done prior to closing the purchase.

The seller might be a bank, selling a foreclosed home, "As Is."

The buyer cannot make the repair. The selle cannot or will not make the repair.

One possible solution is a repair escrow.

A repair escrow is a hold back for a specific repair. The escrow can be funded by the seller or by the buyer, and the repairs can be completed after closing.

Not all lenders allow a repair escrow, but completing required repairs after closing the purchase can be a deal maker in many cases. A repair escrow can be done on any type of loan: Conventional, FHA, VA, Jumbo, or Rural Development.

Please call with any questions about a repair escrow or other questions regarding your home purchase.

 


Thank you for visiting. This is the professional blog for

Richard Smith
NMLS# 184479 TN# 104002 GA# 28928 

Conventional, FHA, FHA 203k, HUD $100 down purchases, VA,

Rural Development ( USDA), and Jumbo Loans


Lending in Chattanooga, Tennessee and Georgia for over 20 years.

Sierra Pacific Mortgage

Cell phone: 423-280-0345 Email: Richard.Smith@SPM1.com

Visit my website to inquiry about a home loan.

Read my most recent articles in Scotsman Guide.

This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Sierra Pacific Mortgage. 

Comment balloon 1 commentRichard Smith • July 09 2014 07:24AM
Small repair holding up your home purchase? Repair escrow might help.
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