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MrsAm
LIF Infant
Member since 2/10 81 total posts
Name:
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Escrow Questions
We have an accepted offer on a house. YAY! They are in the process of obtaining a CO for an extension that was done 20 years ago. The bank that we are obtaining the mortgage from said that $ from the sale will be held in escrow (even after closing) until the town approves the extension. The seller's realtors are saying that the sellers aren't going to agree to that. Our bank is saying that any mortgage company/bank is going to require that.
Who do we believe? Is it unreasonable to ask for money to be held in escrow pending approval?
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Posted 4/19/10 6:28 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Escrow Questions
I would love to know the answer to I think we might find ourselves in a similar situation but from what I hear its pretty normal - Congrats!!
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| Posted 4/19/10 6:50 PM |
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JustJack
:)
Member since 2/06 2041 total posts
Name:
J
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Re: Escrow Questions
Yes, there should be money held in escrow for that.
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| Posted 4/19/10 6:50 PM |
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Mill188
LIF Adult
Member since 3/09 3073 total posts
Name:
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Re: Escrow Questions
Don't listen to the seller's realtor. Your bank will insist upon the money being held in escrow - the deal won't be able to close unless the sellers agree to it. 99.99% sure their attorneys will talk them into it. It's very common.
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| Posted 4/19/10 9:54 PM |
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