Setting up an escrow account at closing for delayed financing

[Jon K.]

For folks that have fully funded their rehab at closing through an escrow account on their HUD-1 in order to refi their capital back out as soon as rehab is done... how did you go about it? Who held and managed the escrow account for you? Was it the title company or some other party? Any information would be greatly appreciated!

[Andrew Postell]

@Jon K. and @Jeff Goodale it's not the direct answer to your question but I did write an article about a different alternative to this HERE...and you don't need anyone to hold an escrow for you and the rate is better on the refinance step.  Sections 1 & 2 talk about the challenges when buying with cash and section 3 is the solution step.  So if you already know the challenges then just skip to step 3.  Hope this helps in some way. Thanks!