Hello, Lucy!
If you want to get a loan to pruchase this property, thry to get REABILITATION LOAN.

Sincerely,
Yelena Tsuladze http://www.Yelena.ValuedAgent.com

Whether a short sale or not, banks generally will not lend on homes that do not have heat. If you have cash to purchase, you should be able to do so and add the heat (if you desire) after you close.
You can always ask the bank to do the repairs in order for you to get a mortgage. Any other buyer who needs a mortgage will run into the same problem.
There are plenty of shore homes that were just used for the summer and do not have heat. If you need the name of a reputable HVAC contractor, let me know.

I don't think the bank would consider installing heat a repair, if there is not heat currently. It doesn't hurt to ask!

Good Luck

Why does the bank include at the bottom of teh contract then "if repairs are required, we need 2 estimates for amounts over $2000."?

If you instal the heat before you close, the mortgage company will be fine with that.

At this point, you will have to do it because you are obligated to buy the property per the sales contract.

This is standard and your real estate and mortgage brokers should have know this!

The bank is aware of this IN SOME INSTANCES short sale or foreclosures are strictly cash buyers only. Lender can hold off till receive an all cash.

Your buyers agent can request with amendments HOWEVER banks are not in business working with repairs of any home.

Sorry you ran into this situation. Unless resolved your wont be able to purchase.

Lynn911 – ~ National Featured Realtor