Considering all the times where buyers are in the rush to buy and the owners are in the rush to sell and move, some deficiencies maybe noted in the home inspection, and are noted in the appraisal report. NOVA Home Loans is offering escrow hold backs for those purchasing a home requiring repairs! These escrow holdbacks NOVA Home Loans’ offering are only for repairs that the appraiser indicates in the report, requiring these repairs. That said, if the appraiser indicates “subject to” completion for the repairs due to the health, safety, and habitability concerns, then these repairs will take part in the program.
Here are some things buyers financing with NOVA Home Loans must understand:
Any deficiencies noted in the appraisal report, these repairs cannot be completed prior to the closing. Two bids must be obtained from licensed contractors to get the job done. The bids will contain the “Scope of Work”, “Cost”, and “Time Requirements for Completion”. Then the borrower will make the determination of which bid he or she will take. Over 50% of the costs from the “Borrower selected” bid will be held back for repairs and the escrow funds cannot be financed. These repairs must be completed within 10 days of funding.
Once all these repairs are made, a $175 final home inspection fee will be required. All funds will be held and distributed by NOVA Home Loans. The contractor will then submit a “paid” receipt or a lien waiver to the lender for repair items or labor prior to disbursement. Afterwards, the program administered will be notified immediately upon completion, so a final inspection is to be ordered. Once a final inspection is approved, the disbursement is made.
To learn more, contact Stephanie Van Heyde of Nova Home Loans at (602) 224-4840. As Stephanie works with you with the program, I will assist you in buying your home in Scottsdale, Phoenix, or anywhere here in “the valley”!
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