Has anyone ever had the bank pay for repairs. I have a short sale -- fully approved by the bank. Now we had inspection and the roof is completely shot and the buyer does not have the $$ to repair. Therefore a reduction in purchase price from the bank will not work!
Would appreciate anyone's input if they have experience with this!
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The best they will do is allow a buyer credit at closing. Just ask them. Be sure to provide the inspection report and at least 2 estimates from licensed roofers.
Yes -- I just checked with Escrow and they can pay directly to the contractor on the HUD! We have met the 6% allowable for closing costs/prepaids. I am excited -- we shall see!
Thanks for your help!
You can also try doing a 203k Financing if it is available in your area.
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