Upcoming Foreclosures

HUD forclosure home - Escrow?

Im awaiting to close on a HUD foreclosure home that we are buying. Its a cash transaction. Online the lisitng had a couple items like new garage door, ect. And had prices and an escrow acct of about 1200.00. What is that for? Will I be getting that when we close? TIA No morgage we are buying the house cash.

Public Comments

1. I believe they are estimates to repair items, and you will not get any of that at closing. They might be an item you have to escrow for if you are doing a mortgage.
2. You are buying the house as is. HUD won't do any repairs. None. If you put in your cash offer that you wanted a $1,200 repair escrow, you would have received one; it is where that money is set aside for repairs. We only see people ask for that if they are getting a mortgage and have no cash left over for repairs. A cash buyer would ignore that and lower the offer price accordingly. The listing is a personal services employment contract the seller and the listing agent. It is not a promise or guarantee for you. If you wanted a new garage door, your agent should have written it in your offer. Otherwise you get the door that is there.