VA repairs needed

I have a buyer that wants to purchase a home that is short sale, Bank of
America is the lender.. Roof needs to be replaced for either conventional or VA Loan. They are wanting to go VA with the Bank replacing the roof and paying part of their closing costs - offered full listing price. The Seller will not sign because he has no money for repairs. Have you heard of Bank of American participating in any thing like this?

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Permalink Reply by Bryant Tutas on March 3, 2010 at 7:13am

Tina. BofA will not repair the roof. They can't. They don't own the property. Have the buyer look into getting a FHA 203K loan. This loan will cover the costs of repairs. Better yet they need to look for something that doesn't need repairs.

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