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repair??

Regular Contributor

repair??

I've been waiting for 10 moths on short sale, water heater wasn't strapped down and lender required before Coe. Send Plummer out and now it's leaking. What are my options??I've already signed as is on my contract. What happens if I pay for a new and I can't close??
Message 1 of 12
11 REPLIES
Valued Contributor

Re: repair??

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.

Good Luck
May all your dreams and wishes become a reality!
Message 2 of 12
Moderator

Re: repair??

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.

Message 3 of 12
Valued Contributor

Re: repair??

Sorry I didnt clarify... Thanks StartingOver..

Good Luck
May all your dreams and wishes become a reality!
Message 4 of 12
Moderator

Re: repair??

No problem!

Message 5 of 12
Regular Contributor

Re: repair??

Can I close and then replace??
Message 6 of 12
Moderator

Re: repair??

Not if the lender or the appraiser has made it a condition in your loan.

 

If your loan is not conditioned on the repair, than yes, you can repair it after closing.

Message 7 of 12
Regular Contributor

Re: repair??

Appraiser wanted it strapped down, but now its leaking, realtor says he'll want it replaced so no need to strap down. I'll have to get with my lender. Thanks for the help
Message 8 of 12
Contributor

Re: repair??

Can you try to ask the seller to fix? I purchased an as is bank owned home. The appraiser dinged me for about 5 items and I was prepared to take my chances. When I asked the seller to let me in to fix they asked if I was insured. Obviously I am not so they went ahead and fixed due to liability issues. It can't hurt to maybe try to get them to repair. Can you have them fix and you give them a credit to them at closing for cost if they won't outright agree to fix?
Message 9 of 12
Super Contributor

Re: repair??

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.

 

Retired Lender
Message 10 of 12