Escrow Acct And Foreclosure
Is there a purpose for having an Escrow account when doing a foreclosure deal?
Is there a purpose for having an Escrow account when doing a foreclosure deal?
It just depends on how long you plan on keeping the property, most people who do "preforeclosures" deals do not want to keep the property long since they have usually negotiated something with the previous owner and let the owner they were going to sale the property to an retail buyer on the open market. An escrow account is for tax purposes and usually those working the preforeclosure market is not "to" concerned with the taxes since they are making a nice profit, "most of the time."