01-25-2013 04:51 PM
01-25-2013 05:02 PM
If you pay for a new one or repair, then you will have a new or repaired water heater. I guess you can always remove it if it doesn't close.
Very few lenders will approve a buyer when certain criteria arent met with the home.
01-25-2013 05:21 PM
Actually, once the repair is made, it has to stay with the property and can't be removed if the deal isn't approved.
If it were a personal item, like a range that is plugged in, than that would be a different case. But fixtures and repairs can't be removed or 'undone' for lack of a better word.
Try to negotiate with the seller for reimbursement of the expense if you can't close on the property. Otherwise, you are out the $$ for the repair.
01-25-2013 08:07 PM
01-25-2013 08:39 PM
Ask the lender if they can escrow the repair costs to be completed post closing. Done quite often.
You will incur a post closing inspection fee payable at closing.... But worth it to be protected.