Foreclosure in Appleton>Question Details

Mankauff, Home Buyer in Appleton, WI

Im buying a foreclosure. the roof once leaked but now looks to be fixed but the water damage was not fixed. would the appraisal reject my loan?

Asked by Mankauff, Appleton, WI Fri Apr 1, 2011

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Alot depends on the severity of the damage. A small stain on a ceiling for instance, versus an area where the ceiling is now lying on the floor. Appraisers are required to note any "deficiencies" in a property, and depending on the loan program, this could be a cause for a rejection. Do you have verification that the leak has been repaired? Do you like the home well enough that if there was an appraisal issue, and the current owner would allow you entry into the property (after executing a "hold harmless agreement) to repair the damage-some asset managers will allow this, you could proceed with the purchase after the repair was completed & reinspected by the appraiser. Sometimes this is a good option where, if you really like the home, or the deal is that good, doing the repair (with permission) is worth it.
0 votes Thank Flag Link Sat Apr 2, 2011
Hi Mankauff,

Good answers so far, bottom line is depends of the severity of the damage and the type of loan you are using. Your loan won't be rejected it will just be a condition that has to be fixed if its called out by the appraiser. Both your lender and realtor should be able to give you a best case/ worse case senario. Besides even if its called out request the repair from the seller. I am seeing banks do the repairs if its a health and safety issue. Good Luck!
Web Reference: http://www.ajsocalteam.com
0 votes Thank Flag Link Tue Aug 9, 2011
I suggest contacting your lender and ask him to check the home for you. If he's a great lender and wants your business he will do this. I work with A LOT of foreclosures and have done this on several occasions especially for FHA loans since those can be the toughest loans to qualify on foreclosures. I would be happy to suggest a few different lenders that go out of their way to make your experience the best. If I can be of any assistance please don't hesistate to contact me at anytime!

Hope all goes well with your purchase!
Kelly Podmolik
Apple Valley Realtors
715-492-0019 (direct/text)
kelly@applevalleyrealtors.com
0 votes Thank Flag Link Tue Aug 9, 2011
I depends what type of loan you are getting. I would talk with your lender. Better be safe then sorry. You could take a picture if your lender can't go to the home for you.
Debby Homestead realty Inc
http://www.debbyrealtor.com
0 votes Thank Flag Link Fri Apr 1, 2011
I depends what type of loan you are getting. I would talk with your lender. Better be safe then sorry. You could take a picture if your lender can't go to the home for you.
Debby Homestead realty Inc
http://www.debbyrealtor.com
0 votes Thank Flag Link Fri Apr 1, 2011
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