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Water damage in Home inspection

Posted by kahn on November 18, 2012 at 9:59am in Short Sale Discussions

Hi All,

Here is my situation, I'm dealing from more than three months with a short sale, After couple counters and I did appraisal to find out the value and last week my settle ment told me 2nd lien holder gave approval and it is submitted to the primary. Yesterday I did home inspection to the house and came to know that is active water leak in basement and needs immediate repair of 10k dollars. I'm not sure how we go now, My relator should we submit a amendment or something to the bank asking for repairs ?

Please let me know. Thanks in advance.

Thanks

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Replies

  • Ann Wilkins November 19, 2012 at 6:23am
    I had a buyer whose lender was adamnent about getting a roof certification. Although we always knew the roof would need to be replaced within the next two years, buyer decided it was something that he would do before moving in. We asked for a $15,000 price reduction - this was after both loans approved. It just took an additioanl two weeks to get the reduced price. This was in 2011 with B of A but things have changed since then.
  • William F Griffin Jr November 18, 2012 at 11:03am

    Just get estimates on the repairs and minus that amount from your original offer amount.  I just went through a similar situation where 2 days before closing the AC was stolen and all the romex and copper in the crawl space.  The buyer got estimates on the repairs and I submitted their ammended offer amount to the bank. Took 2 more months to close.

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