Escrow for Repairs process with a REO

[Paul Stewart]

Hey 

So I have been in negotiations on a foreclosure property. The property needs about 10k in repairs in the property. The price they are asking for I believe in my opinion is the ARV price. The Bank is offering a sellers escrow for repairs to maintain there asking price. All the damage in the property is cosmetic. I'm waiting to hear back from the bank on what the repairs consist of. My question is how does a sellers escrow for repairs work? Has anyone done a deal like this with a REO property? I googled it and got a basis of what it means but want to get a more in depth answer and a step by step of how that process works. Thanks in advance for any help that's sent my way.