Ways to Win: Escrow Holdback

Have you ever see a house you really like, but there is one or maybe a few things wrong?  Maybe a roof at the end of its life, a furnace that looks ‘vintage’ or maybe flooring that has seen too much traffic over the years?  Nothing major, but you passed on the house figuring you didn’t have the money after closing to handle that issue.  If that’s your story – we can help you write a better ending!  With our Escrow Holdback option, we can include the repair costs in the transaction!  Repair amounts can be up to 10% of the sale price.

Say you find a $200,000 house you love, but the roof is sketchy ($12,000), and the bathroom needs an $8k upgrade.  But at the end…it would be a $220,000 house!   You can purchase this home @ $220,000, include the $20,000 renovation budget as part of the transaction.  You just need the normal down payment/closing costs and escrows.  We close and put the $20k aside along with a 10% contingency budget.   After closing, your contractor does the work – with your money/your choices.  We pay them from the escrow account.  In the end you have the great house you envisioned with a new roof, updated bath and one loan/one payment.  It’s a cool product that allows you a 10% remodeling budget on almost any house.  Very cool 🙂

Want to know more?  Give us a call.  We’ll fill you in on this great way to walk around with a 10% remodeling budget in your pocket!