Episode 68
Mortgage Minute: If I buy a home that needs repairs or my new construction is not complete, can I escrow for these things?
Financial Residency · Doug Crouse
August 29, 20234m 11s
Audio is streamed directly from the publisher (pdst.fm) as published in their RSS feed. Play Podcasts does not host this file. Rights-holders can request removal through the copyright & takedown page.
Show Notes
The short answer is no except for sod or weather-related items such as sprinklers.
Sometimes realtors will write a contract that states you want to escrow for a roof that needs repaired or the counter tops haven't been installed yet, but the banks no longer allow for this. The bank is writing a loan for a "completed house."
They don't allow you to escrow for future items to be completed. If you want to learn more about Doug Crouse or get a free copy of his book, check out www.DougCrouse.com.