Financing in River Hills>Question Details

Zmk, Both Buyer and Seller in Milwaukee County, WI

We are closing on a house on Tuesday (6/29) we had a radon test and it tested high. We made an amendment to have the seller pay the costs of radon

Asked by Zmk, Milwaukee County, WI Fri Jun 25, 2010

mitigation. We however were not concerned about having this done prior to closing - our intention was to do this after closing. The bank (just today) asked for a clean radon report - assuming we had completed the work. We now have the radon mitgation scheduled for Monday (it was the soonest we could do - last minute), but we're pretty sure a certain a proper radon test can't be completed by 3PM on Tuesday. Is there a way we can satisfy the mortgage company?

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You can get a home inspector in there to do the test. I just had one in Menomonee Falls. The lender wanted it done didn't ask for the test results. The buyers wanted the test results. It was paid through closing for the work done. Most lenders today will not let you escrow money for repairs. Are you going FHA? We say 48 hours for the test. Check to see the guide lines on this.
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0 votes Thank Flag Link Sat Jun 26, 2010
Thanks Debbie - I was thinking the same thing - but it's hard to anticipate what the mortgage company will say. Just wish this didn't happen (right) before the weekend so we could get some quicker answers.
0 votes Thank Flag Link Sat Jun 26, 2010
The companies in the Milwaukee area guarantee their work that it will be below the guide lines. You can get a letter from the company if you need it to close stating this. The test probably will need to be sent off to a different company possible one in New York to do the testing. The company that puts the system in does not do the testing. Conflict of interest. So do some more checking to see if you need the test results or just that the work was done.
0 votes Thank Flag Link Sat Jun 26, 2010
I figured they don't care about the deadline - and if it gets delayed it's not the end of the world, except it will be a huge inconvenience - as we're also closing on our existing house and moving on the same day. This issue popped up yesterday at 4:30 - so at this point in time I'm not sure what the motiation of the underwriter is. It's either:

1. They just want the work done since amendment requires payment

2. They're concerned this may affect the value of the house (this seems unlikely as what's the "worst" that could happen).

3. It's a safety issue.

May you have a guess to which one it could be? Depending on the motivation - the approach to the mitigation could be different.

Thank you both for your prompt and kind answers.
0 votes Thank Flag Link Sat Jun 26, 2010
The banks usually don't care about your deadlines, but you have to keep in touch with them.

Also, ask them if they will hold an escrow in order to have the work done as an alternative.

Good luck!

Fred Glick
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0 votes Thank Flag Link Sat Jun 26, 2010
You are on a tight schedule. A radon test usually takes two days of testing before an analysis can be made. You need the new system installed and running prior to testing. Talk to your attorney and see if funds can be withheld from the seller in escrow to ensure you no longer have a radon issue. And talk to the bank about test results. You may have to do a dry closing ( closing without funds transfered or keys delivered) until this can be resolved.
0 votes Thank Flag Link Fri Jun 25, 2010
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