escrow

what does “subject to cancellation of existing escrow mean”?

Question by NowhereMan: what does “subject to cancellation of existing escrow mean”? We are currently in the process of buying a house, and we noticed that the home we are in the process of buying has been re listed on several websites as “Back on market subject to cancellation of existing escrow” what does this mean? It is making us a little worried… We were approved for out mortgage and everything seems fine but our escrow was set to close on the 12, tomorrow but isn’t going to because the back FHA requested that some repairs be done to the Continue Reading →

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What does it mean to “escrow” something?

Question by Heather S: What does it mean to “escrow” something? An example: My husband and I are going to look at a house that needs a new roof. Our agent said that we can “escrow” the roof. Which meaning of escrow is she talking about? The roof needs to replaced ASAP so waiting for that 8,000 form Uncle Sam-while it s nice thought-we can’t wait if we do buy it Best answer: Answer by buzAssuming that the seller is going to fix/replace the roof, part of the sale proceeds from the house will be placed in escrow – meaning Continue Reading →

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Q&A: Seller is requesting Escrow Extension, what are my options?

Question by Vincent: Seller is requesting Escrow Extension, what are my options? Hi, when I purchase my home in CA, the seller agent included “close of escrow” date to be contingent in the offer letter. But they promised to close escrow in 45 days, which was supposed to be May 25, 2009. Now, they are giving me an extension form to extend the close of escrow 1 month later, which is June 26. My questions are: 1) Do I have to agree to the extension since they have “contingency” on the original offer letter? 2) Let’s say I agreed to Continue Reading →

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Home Path Incentive To End May 1st

The Home Path incentive ends on May 1st.  Only homes that close escrow before May 1st are eligible for the closing cost assistance and appliance incentive for Fannie Mae homes.  Let this serve as your reminder that if you are looking to purchase a bank owned Home Path home you need to rush. More importantly you need to make sure to contact a Home Path approved lender.  This really is a great opportunity that I hope many of you took advantage of.

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6 Reasons Real Estate Transactions Fail, and How To Avoid Them

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There is a reason that real estate agents don’t count our commissions until we actually get the check and that’s because sometimes real estate deals fall apart when you least could expect it. Granted the advice and guidance of an experienced agent can help you avoid most jams and keep deals together, but that plays right into one of the top 6 reasons why real estate deals fall apart (clients don’t always listen).

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