as is, forclosure

Foreclosures, Short Sales, Tax Foreclosures
1

I can’t get finansing unless the seller (FreddyMac) fixes the roof.
The seller is not going to fix it because it is “as is”
What are my options here?
thank you :slight_smile:

2

Howdy Yelena:

There are a few options that may work:

  1. Get roofer to do the roof the day before closing and agree to pay them thru the closing proceeds.
  2. Get lender to escrow the money to replace the roof and have it done after closing and get the title company to pat the roofer directly with the escrowed monies.
  3. Pay for the roof yourself a few days before the closing and close on the loan. Freddie mac may not allow this or # 1 above so tou need permission from them.

Your Realtor may have some other advice too. I am sure this is not the first escrow deal they have done.

3

thanks a lot! so much appreciate your help!
My realtor gave up, actually. But I want this house.
So, I appreciate your help a lot!

4

Howdy Yelena:

Wow, hard to believe the Realtor gave up. Surely they have dealt with sellers like this before. Usually an escrow will do the trick. I just closed on 31 units where $80,000 is escrowed for repairs. You may want to fire that agent. Is it the listing agent or your agent?

5

[quote="tedjr
Wow, hard to believe the Realtor gave up. Surely they have dealt with sellers like this before. Usually an escrow will do the trick. I just closed on 31 units where $80,000 is escrowed for repairs. You may want to fire that agent. Is it the listing agent or your agent?

well, she dsid not really gave up, she just said that no lender would lend the money unless the seller fixes the roof. But, I found out that there are lenders who do that, usually it is not a bank but a mortgage company. I wish I would know about it earlier, because the house already gone.
Thank you for your help, anyway

6

well, I have learned a lesson: go shop for lenders, and be preapproved in few places. So, when you are in a situation like this, a bank does not lend you, you could go to another lender…
I wish I would known that some mortgage companies WILL approve even if the roof is bad. I have been told that NOBODY will approve for it.
you guys, learn from my mistake and have few lenders.