what does "subject to cancellation of existing escrow mean"?
Question by NowhereMan: what does "subject to cancellation of existing escrow mean"?
We are currently in the process of buying a house, and we noticed that the home we are in the process of buying has been re listed on several websites as "Back on market subject to cancellation of existing escrow" what does this mean? It is making us a little worried...
We were approved for out mortgage and everything seems fine but our escrow was set to close on the 12, tomorrow but isn't going to because the back FHA requested that some repairs be done to the home by the seller, another bank, before they give out the loan.
Answer by Kris
It means the house will immediately be available to other home buyers should your transaction fail to close. You're fine.
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