Roof Needs Replacement-Any Helpful Hints

Have known the roof was going to be an issue from day 1. Just received an offer and am wondering if I can line item the cost for a new roof to be paid at closing on the estimated HUD I send to the lender? Open to any and all possible strategies.

Lender is Wells-only 1 lien.

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Permalink Reply by Smitty on February 21, 2012 at 5:19am

We usually list at a price that takes the roof into consideration.  If we find out after the fact, we allow the buyer to lower their offer the amount of the estimate for the repair.  I haven't seen a lender pay a roofing company at closing, but I woudn't say it could never happen either.

Permalink Reply by Barrett Thomas on February 21, 2012 at 10:40am

Hi.  Send in 2 - 3 bids with the revised HUD.  I've had a roof, termite, heater replaced prior to the close of escrow.  They will do it if they feel the house is unsellable without these items being completed prior to the close of escrow.

Permalink Reply by JB on February 21, 2012 at 12:35pm

Barrett,

Are you having the buyer do their inspection right out of the gates and waiting until you have results and bids to send it over with the initial estimated HUD or are you having the buyer do the inspection after bank approval and then sending over a revised HUD to your original? Just trying to determine which one would provide the most strength and conserve time as we have a bank approval contingency of 60 days.

Permalink Reply by Smitty on February 22, 2012 at 1:59am

JB, you should ALWAYS have inspections done up front, and then you can adjust the price at the beginning instead of finding issues at approval time.  Once an approval is issued, you want to be able to close.

Permalink Reply by Teresa Simon on February 21, 2012 at 4:32pm

In Eastern Washington, we have issues with sewer hook-up.  When you attend a class in a place that is developed like California, the Realtors laugh about sewer hook-up requirements for FHA loans as it isn't heard of.

If you get a negotiator from a big city, they seem to care less to tell you about variances and make your life difficult.

It was HUD that told me about variances when I finally contacted them.  Deal never did close - home is vacant a year later.  But we finally did get approval on the variance and the buyers walked and bought another short sale.

I don't know if a variance is possible  - but?  Is it a FHA buyer and is a 203k possible? I don't really know but...

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