Buyers can find great home buys in our market today, especially with the still high foreclosure home inventory. Some of these homes have some minor repairs that must be dones prior to closing on the purchase.
A great option for these homes if the repairs are minor but required by the lender or the appraiser is to use a repair escrow.
The repair escrow allows for these minor repairs to be done after the buyer closes on the purchase. The money for the repairs is set up in an escrow account and paid after the repairs are completed and approved.
For more significant renovation or repair, buyers can use the FHA 203k or the FHA 203k streamline renovation loans. But for minor repairs, the repair escrow is easier and less expensive.
Call me at 423-280-0345 to ask about repair escrows or the 203k renovation financing.
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