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Punch list walk-through and holding back funds

9 years ago

We are scheduled to close this Thursday. Our walk-through is scheduled for Tuesday evening. DH and I have already gone through the house and created a preliminary 2 page punch list. From speaking with new neighbors in the development, I'm concerned about the builder not coming back in a timely manner. What is considered a reasonable timeframe? I was hoping our lender will hold back funds in escrow until all items are completed providing a deadline. Is it possible to say that if all items are not completed by "X" date the escrow funds will be turned over to us to have the work completed? If funds are held back, how is this amount determined? I certainly would like for it to be substantial enough to retain the builders attention after closing.

This house is a spec home that the builder has financed the construction. Our funding will not begin until we close this Thursday.

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