Closing costs....i know I should ask my Realtor but I just got off the phone with him, and I keep bothering him with quesitons and i just want to know if any of you guys can help me out.
2007-05-23 07:46:52 · 3 answers · asked by I'mdabess 2 in Business & Finance ➔ Renting & Real Estate
OK on a HUD foreclosure when they refer to a escrow account, they are referring to the escrow account HUD has setup on this property for a owner occupied. The escrow they have setup is to repair the know items that are in need of such. This only applies to owner occupied. Now your earnest check is just that. A check for earnest, on the property, to show your intent to purchase. Now if your bid is accepted your earnest check will go to the title company and put into "your" escrow account for the house. Your earnest money is subtracted from the balance of the total of your home. Good Luck 2 U
2007-05-23 15:01:17 · answer #1 · answered by Dano N 3 · 0⤊ 0⤋
Earnest money funds are held in the escrow account of the real estate firm until closing. At that time, the real estate firm cuts a check to HUD or the title firm, which would also turn it over to HUD as part of your payment for the property.
2007-05-23 08:51:09 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
You should just call him again because he needs to earn that commission. I have bid on HUD properties before here in NJ and they usually ask for $1,500 escrow. It could be different in your state. The escrow in that case is just a deposit to make the offer.
2007-05-23 08:06:38 · answer #3 · answered by Henry Sosa 3 · 0⤊ 0⤋