cancel
Showing results for 
Search instead for 
Did you mean: 

Escrow holdback?

Member

Escrow holdback?

I am supposed to close on March 1st, but the appraiser said the house needs painting before approval for loan. 

I have to get an estimate for painting and then they will do an escrow holdback. I think closing will still be the same date and I will have 30 days to get the house painted. Has anyone dealt with something like this before?

Message 1 of 3
2 REPLIES
Valued Contributor

Re: Escrow holdback?

You will need to speak to your lender as to whether your type of loan will allow a hold back. Generally IF they allow a Holdback it’s due to a Weather Issue and the funds held are 120% of the Invoice Estimate. Your Real Estate Agent should be handling this for you and negotiating with the seller.
Speak with your RE Agent and Lender if this is an option for you.
Message 2 of 3
Member

Re: Escrow holdback?

My lender will do escrow holdbacks, they told me to get the paint estimate. I am not working with a RE agent, just wondered what to expect with the escrow holdback process.

Message 3 of 3