MLO Ryan Seybold in Tampa, FL- Escrow Holdbacks

TAMPA, Fla. - Nov. 20, 2013 - PRLog -- Being a former real estate agent, I always knew I was only as good as my loan officer putting the deal together and I’ve been in some pretty tight squeezes in my day but it was a good loan officer that could pull a rabbit out of their hat last minute and get the buyer and seller to the closing table. Everybody wins.

It’s an ongoing search in this market looking for rabbits and hats to amaze our clients with. Enter Escrow Holdbacks. This is one from the archives and not all lenders will approve this but it’s a great tool for your tool belt. Let me paint a picture for you. After plenty of searching, your buyers have found their dream home. All your docs are signed and submitted and things are moving forward rapidly. One of the main eye catching features of the front yard is a beautiful brick pavers walkway that leads to the ornate front porch but unfortunately, roots have pushed and shifted these once well placed bricks into a bit of a mess. The sellers have agreed to repair this but closing is next week and repairs have yet to be made. The buyers have already scheduled and adjusted their lives to move in and so an extension isn’t an option. It is possible in a case like this to have the sellers place the repair funds into an escrow holdback account so that these repairs can still be made and you can maintain the current closing date. Your buyer will be hanging their last picture on the wall just as the last new brick is being laid in their front yard. You saved the day for not only the clients but for the agents as well with plenty of referrals on the way.

In all fairness, this isn’t the perfect answer for every occasion like this and only certain lenders or title companies will allow it but I recently have come across a few that will. Additional restrictions may apply such as cosmetic versus functional repairs or limits on time and cost of the repairs so always double check everything with your AE. On the other hand though, we build our business on not only good service but on the relationships we make and what better way to start a good relationship than by being a hero.

Bay to Bay Lending is based in Tampa, Florida. The company has a team of mortgage brokers ready and willing to assist you with any of your loan needs. To reach Mortgage Loan Originator Ryan Seybold, contact him directly at (813) 549-7882 or reach out to him via email: ryan@baytobaylending.com. Visit him on the web at www.tampahomelending.net and use our free mortgage loan calculators.