What if your buyer wants to purchase a property that won’t qualify for a conventional or FHA loan? I have a new product to help buyers get the homes they want.
I want to talk about a product I have that will enable Realtors to get more buyers into homes and help buyers get homes that they’d normally be unable to buy due to having restrictions on collateral.
What is a escrow repair product?
This product can be used for a house that is not in good enough condition to be purchased with a conventional loan or FHA loan.
A bank that I have a great relationship with will allow me to hold a repair escrow loan up to $5,000.
How does escrow repair work?
The title company will hold the repair escrow (the funds that repair the property), which can be up to $5,000. You can purchase the property, the Realtor and the seller will get paid, and the bank will allow the buyer 10 days after closing to fix any issues that were wrong with the property.
Now there is a bank that is willing to hold funds for repairs to get you and your buyers into that property.
The buyer or the seller can put the money into the escrow account. The escrow account allows you to proceed with the purchase and get the work done after the fact.
There are many properties out there with exposed wires, mold, or other problems that don’t comply with FHA or conventional loans. Now there is a bank that is willing to hold that money in escrow to get you and your buyers into a property.
A contractor will write an estimate for what needs to be done on the home. The bank signs off on it and puts the money into escrow. Then, you get the house that you want and you have 10 days to show receipts that the items have been fixed after closing. See out latest article on Closing costs – Calculator .
This product allows you to get more buyers into homes and helps more buyers get the homes they want.
If I can help you in any way, just give me a call or send me an email. I would be happy to help you!
