When an impartial third party holds something of value (in real estate, usually earnest money) during the progress of a transaction. If a home is “in escrow,” that means that the third party is holding the earnest money while the contract is negotiated and the deal is closed. Lenders may also hold funds in escrow in order to pay homeowners insurance or property taxes. These funds usually come out of the monthly mortgage payment.
Before We Build Another House, Let’s Ask Ourselves an Important Question
There’s a growing drumbeat in the industry right now: in many markets, it’s cheaper to build new...
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