Buying or selling a property is an exciting and stressful experience, and just as you are about to close and sign the paperwork, unexpected issues pop up.
During the final walkthrough, buyers often discover unexpected issues, such as repairs that were not completed, a malfunctioning appliance, or damage that happened after the initial home inspection.
Similarly, as a seller, you may be unable to complete closing conditions.
Because these issues arise at the last minute, it is too late to change the sale agreement and statement without causing delays to the closing.
Delays in closing due to unexpected issues can have serious consequences, such as causing your interest rate lock to expire, disrupting your moving schedule, or even preventing you from closing on the purchase of a new home and leaving you without a place to live.
To salvage the transaction, the buyer and seller may agree to hold back a portion of the funds until the issues are resolved.
However, since this holdback is not part of the normal settlement process, another solution needs to be found.
That solution needs to let the sale close as expected while ensuring that the remediation is completed.
Happy Home Buyer
Our professional holdback management solution lets you close on time, takes care of the administrative burden, and ensures all remediation requirements are met.
Do not let the need for a holdback delay your closing, simply send the holdback amount to Foolproof Closings, and close on time.
Foolproof Closings provides a more efficient and cost-effective alternative to traditional methods such as having the funds held by the attorney or title company.
Thank you for your interest in Foolproof Closings. We are currently in pre-launch, but we invite you to join our beta launch.
By joining our beta program, you will have the opportunity to be among the first to experience the benefits of our holdback management solution.
As a beta user, you will receive exclusive access to our platform and help us refine our services. Thank you for your support and we look forward to serving you soon.