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Regular Contributor
Posts: 156
Registered: ‎12-19-2011
0

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??
Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

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!
Community Leader
Super Contributor
Posts: 6,473
Registered: ‎03-06-2010
0

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.

Valued Contributor
Posts: 3,302
Registered: ‎06-09-2010
0

Re: repair??

Sorry I didnt clarify... Thanks StartingOver..

Good Luck
May all your dreams and wishes become a reality!
Community Leader
Super Contributor
Posts: 6,473
Registered: ‎03-06-2010
0

Re: repair??

No problem!

Regular Contributor
Posts: 156
Registered: ‎12-19-2011
0

Re: repair??

Can I close and then replace??
Community Leader
Super Contributor
Posts: 6,473
Registered: ‎03-06-2010
0

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.

Regular Contributor
Posts: 156
Registered: ‎12-19-2011
0

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
Contributor
Posts: 81
Registered: ‎05-18-2012
0

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?
Super Contributor
Posts: 6,624
Registered: ‎07-03-2007
0

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.

 

* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' since 2004
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