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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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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