REO and termites

[cold]

Hello,

This is my first post here so I am not sure if this has been answered before…

We are in escrow for a REO property. Since the seller is selling AS-IS, we scheduled our own termite inspection. Unfortunately, it showed evidence of infestation.

Initially, our lender (sdccu) had “termite repair” as one of the conditions for loan funding. Since we cant do the repairs till we own the property, the lender agreed that we could do an escrow “hold-back” and do termite repairs within 30 days after owning the property.

They need an agreement signed by all parties to this effect.

Now here is the catch — the lender does not have a format/template of this agreement. My Realtor is not sure too…

Do escrow companies usually handle stuff like this?

Is there a standard contract template we can use for this?

Thanks for the help.

-cold

[ljinvestor]

holdbacks are pretty common and yes escrow officer should type up a document that all parties will sign

[ljinvestor]

holdbacks are pretty common and yes escrow officer should type up a document that all parties will sign

[ljinvestor]

holdbacks are pretty common and yes escrow officer should type up a document that all parties will sign

[ljinvestor]

holdbacks are pretty common and yes escrow officer should type up a document that all parties will sign

[ljinvestor]

holdbacks are pretty common and yes escrow officer should type up a document that all parties will sign

[SD Realtor]

I am curious that your lender had termite repair as a condition. That indicates you must have had a termite clearance as one of the conditions in your original offer.

Regardless, have your realtor contact escrow and ask them to generate an ammendment stating what you want to have happen. You will probably need to have the termite company present the invoice to escrow and you will need to bring the funds to escrow to pay for that up front. Once that invoice is with escrow they can generate the ammendment stating what will be done, when it will be done, and that you will be paying for it.

Then hope the reo lender will sign it.

[SD Realtor]

I am curious that your lender had termite repair as a condition. That indicates you must have had a termite clearance as one of the conditions in your original offer.

Regardless, have your realtor contact escrow and ask them to generate an ammendment stating what you want to have happen. You will probably need to have the termite company present the invoice to escrow and you will need to bring the funds to escrow to pay for that up front. Once that invoice is with escrow they can generate the ammendment stating what will be done, when it will be done, and that you will be paying for it.

Then hope the reo lender will sign it.

[SD Realtor]

I am curious that your lender had termite repair as a condition. That indicates you must have had a termite clearance as one of the conditions in your original offer.

Regardless, have your realtor contact escrow and ask them to generate an ammendment stating what you want to have happen. You will probably need to have the termite company present the invoice to escrow and you will need to bring the funds to escrow to pay for that up front. Once that invoice is with escrow they can generate the ammendment stating what will be done, when it will be done, and that you will be paying for it.

Then hope the reo lender will sign it.

[SD Realtor]

I am curious that your lender had termite repair as a condition. That indicates you must have had a termite clearance as one of the conditions in your original offer.

Regardless, have your realtor contact escrow and ask them to generate an ammendment stating what you want to have happen. You will probably need to have the termite company present the invoice to escrow and you will need to bring the funds to escrow to pay for that up front. Once that invoice is with escrow they can generate the ammendment stating what will be done, when it will be done, and that you will be paying for it.

Then hope the reo lender will sign it.

[SD Realtor]

I am curious that your lender had termite repair as a condition. That indicates you must have had a termite clearance as one of the conditions in your original offer.

Regardless, have your realtor contact escrow and ask them to generate an ammendment stating what you want to have happen. You will probably need to have the termite company present the invoice to escrow and you will need to bring the funds to escrow to pay for that up front. Once that invoice is with escrow they can generate the ammendment stating what will be done, when it will be done, and that you will be paying for it.

Then hope the reo lender will sign it.

[cold]

thanks for the advice….i feel much better knowing that this is a common thing.. 🙂

[cold]

thanks for the advice….i feel much better knowing that this is a common thing.. 🙂

[cold]

thanks for the advice….i feel much better knowing that this is a common thing.. 🙂

[cold]

thanks for the advice….i feel much better knowing that this is a common thing.. 🙂

[Author]

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