Have a 1st mortgage with Chase and the home we are trying to sell needs a new well/septic drainfield installed per the local health department. Lowest quote came in at $15,000 to replace. Has anyone ever had a short sale lender pay for this type of repair in order to close the deal? Any suggestions? Tx, Pam
Most lenders do not pay for this repair You first need to identify who the investor is and their guidelines. If they don' t pay it then the option may be for the buyer to reduce their offer. Advise the bank that the value they obtained did not consider the damaged septic. Also the seller may need to inquire with the insurance company to see if a claim could be filed
I agree with Tony. The bank will state the property is sold "as-is" almost always. In these scenarios many times repair bids and supporting documents need to be sent in to justify a drop in the purchase price. It is not guaranteed that the bank will approve a lower purchase price and it will all come down to the value dispute and investor guidelines.