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Escrow

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Kevin B. ferguson

Freshman Member
Joined
Jan 21, 2002
Can a seller escrow $$$$ for repair of a flat roof to be completed after the sale, they dont have the $$$$ to do it before closing. Is this permissable through FHA ?, or does the roof have to be repaired along with any other deficancies before the loan can close.

Regards, Kevin.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I do know of cases where it has been done, so I guess it can be done.

Lenders HATE to do it and usually won't. I also know of cases where a contractor took the chance of it closing, did the work and was paid out the proceeds at closing.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Kevin,

My experience is that the lender will escrow only for weather-related items.

In any event, it doesn't matter to you because YOU'RE NOT going to sign off on the flat roof inspection, repair or replacement on the CIF. On the HUD CIF, when you list VC9F, just type next to it:"DE Underwriter to review contractor's certification/warranty for acceptability."

Whether nothing was done to the roof or if it actually was repaired or replaced is not your concern. Don't even look at the contractor's cert or comment on it. It's not your job

Ben
 
W

walt kirk

Guest
Way back in the dark ages when I was a broker I used a roofer who submit hiss bill to be paid to be paid at settlement.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
We do roof escrows out here. Best to get it fixed before the closing!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
If you are doing a conventional, they will escrow. FHA has to be done prior to closing the loan - no exceptions. I ran into this a few months ago.

Roger
 
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