Oh and just so you know, if the public records show that the name of the bank that owns it is a "trustee" then the bank may not actually own the mortgage, but merely acting as trustee for the investment pool that actually now owns the property.
I've heard that Fannie Mae may do a roof replacement if the buyer's lender puts that requirement "in writing". Not always but have heard that it does happen.
So, ask and if they refuse then offer to split the cost...
All the best,
Alma Rose Kee, PA
Future Home Realty, Inc.
Foreclosures are sold 'As Is'. The lender (owner) will not pay for the repairs. If you can't pay for them or find some way of financing them, the deal will be dead - especially since the listing agent has already stated the lender's (owner's) stand on the situation. If you don't want to do the repairs (or can't), it's time to find another property.
One would think that using the same bank would matter, but unless it's a small local bank it usually doesn't. I have had luck with escrow accounts, but only twice and both were with the same small local bank.
Is a repair loan maybe an option for you? Ask your lender what options you might have.
I believe the Selling (LISTING) Realtor.
Foreclosures are sold AS/IS.
And I would also bet that the SELLING PRICE reflects the needed repairs:
It looks like you have two choices at this juncture:
Get a loan, like the Fannie Mae HOMEPATH, or the FHA 203K, that will allow you to do the repairs without the cash out of your pocket,
Walk away from the deal.
Please don't get mad at the Messenger; if you can think of a third option, go for it.
Good luck and may God bless