escrow holdback

[Payman A.]

Hi all,

I'm about purchase using an escrow hold back so I can roll repair costs into the loan but I've not been able to get a clear reply from my loan officer regarding details of the process.  Lender will require 150% of the repair amount to be in escrow but that's as far as was explained to me.  So in the case of a $5K repair estimate and a $50K loan, is $7500 held back until repairs are done then $2500 goes to seller and $5000 to buyer?  If not, I'd appreciate a quick line by line explanation of the process.  Thank you in advance, Payman