I have an escrow holdback. I am the buyer. The seller (new build) was supposed to have done a final grading and seed our lawn before close, they did not get this done time and as a result we have appx. 2k in escrow holdback. It’s being held with the title company. This was initiated by my loan holder because our final appraisal was not satisfactory for the loan (because of aforementioned grading and seeding being incomplete). So all of this work was supposed to be done by the 2nd of August. On about the 30th of July the Builder did come and complete some of this project. They didn’t tell anybody that they were done. They didn’t contact anybody and say hey we’ve finished this can we have our money back. They only put hay over about two-thirds of our lawn and we were waiting for them to come back and finish the job.
Can anybody explain to me what happens with an escrow holdback when the third party, in my case it’s an appraiser, comes back to view the property and tells my Builder that the job is not done? I’ve had a landscaping company estimate about $1,000 to fix their poor grading on my property. The appraiser actually called me and we spoke for probably half an hour on the phone about specific issues that my husband and I are having with water retention at our foundation. She specifically came out to do the review on a day that it was raining.
I’ve contacted an attorney to receive a consultation but I haven’t had a call back yet and every day that passes by I grow more anxious about what kind of headache I’m going to have to deal with.