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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.