I am buying a 80k home with FHA financing that has 2800 in escrow repairs for carpet. The lender says that
the check will be cut after the carpet has been replaced, to the company name on the reciept. But Lowes requires pre payment to order carpet. Does anyone know how this works and we get our money back. so do i have to put the money in escrow and then buy the carpet upfront? i am paying double and then have to wait for my money back from the title company. This is confusing, please send any advice
A check cannot be made payable to you so another alternative to Linda's suggestion is to ask Lowes if they will reimburse you the deposit (partial payment) if you provide them with the check from escrow for the full amount of the carpet once the carpet is installed. I am sure that this option would sit better with Lowes. Lowes has a wonderful Realtor program so I hope that your Realtor provided you with a 10% off coupon to Lowes.
Congratulations on your new home!
Hello Matthew,
Putting the money is escrow is the way most lenders work. You may try speaking with a supervisor at Lowes to see if you can get them to vary from their policy. Otherwise, you may have to find a different carpet company that will agree to order the carpet without prepayment. There should be plenty to choose from.
Hope this helps.
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