BANK OWNED PROPERTIES ARE SOLD "AS IS".? We all know that.?
HOWEVER, that doesn't mean that banks never make repairs.? THEY CAN and THEY DO!!!
It depends on whether the repairs requested are pursuant to a HOME INSPECTION REPORT.?
Or, were the repairs a CONDITION OF AN APPRAISAL.?
This post inspired by Bruce Reichstein, VA Loan Reader Question: Roof Issues
PAY FOR MAINTENANCE WHEN IT'S NEEDED OR WHEN YOU TRY TO SELL
THAT HOME WITH A 25 YEAR ROOF.
? When we write a contract offer on a home with a clear need for a new roof, I make replacing the roof a CONDITION OF THE CONTRACT.? That way, if the seller isn't going to pay for a new roof, they don't accept the contract.? Drives listing agents crazy, but, "HEY, delayed maintenance is going to be paid for by the owner/seller when needed or when they sell."? That's simple real estate.
However, writing an offer on a home with a clear need of a roof replacement with VA financing is quite different.
THE HOME INSPECTION REPORT.? If a home inspector says the roof has passed the normal life and needs replacement, IF IT ISN'T LEAKING, the seller isn't obligated to replace the roof based on a "normal life expectancy". Even then they can repair and not replace.? That's all negotiable.?
THE LENDER ORDERED REPAIRS.? For VA Financing (and FHA), if the seller accepts a contract with VA (or FHA) financing, they accept (it's in the contract) the fact that they may have to make LENDER ORDERED REPAIRS (appraiser conditions to the appraisal).
Lender order repairs are not negotiable (mandatory for loan approval) and are quite different from home inspection reported repairs (negotiable).?
We have gotten roofs replaced and a lot more based on LENDER ORDER REPAIRS when it wouldn't have happened with home inspection noted repairs.
BANKS DON'T LIKE IT and take the superior attitude that they are covered by the "AS IS" addendum.
Nonesense.? If they accepted VA or FHA financing, they WILL replace that roof, or any other lender ordered repairs (noted on the appraisal).?
We've had this battle a number of times and won every single time.? Banks are very good at selling "as is" wherein they make no repairs and they often delete the termite clause too.? However, they cannot "delete" the LENDER REQUIRED (pursuant to the appraisal) REPAIRS.
?
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988,
serving home buyers in MD and Northern VA.
?
_______________________________________________________________________________________________________
Want to learn more about Loudoun County, VA? Join Loudoun County, VA on Facebook!
?
tax refund calculator huntington disease west memphis three taxes game of thrones season 2 trailer sag award winners girl scout cookies
কোন মন্তব্য নেই:
একটি মন্তব্য পোস্ট করুন