Roofers prices seem to have a lot stronger correlation to what they think they can get out of you, or what they feel like charging, than to the actual costs of materials, labor, overhead and profit. I found a very good roofer in S.F. who wanted $6K for 900sf, then I found another who wanted $4,500 for the exact same thing. After I showed him how I patched it by myself, the owner made me a cash offer on the last day of the month $3K. SOLD! And I got what I wanted, and watched them do the work. It sounds like your building is much bigger, but it's the same process.
1) If you have a date you have to close by which is approaching you cannot switch loans to a FHA renovation loan. Those are not a quick loan to switch too and generally open up a larger can of worms then they close
2) Ask your lender if they will do a escrow holdback for the roof cert.
3) Have your agent negotiate the seller to extend the coe and pay for the roof to be brought to a decent condition
4) Get a rush on the roof repairs and get the cert done. Is it one company saying it will cost $2500? Have you tried another roofing company to see if they can clear it for less?
Bottom line if the short sale bank will not give you the time to fix the financing issue of their poorly maintained liability then let it go. Appraisers generally only call out roofs that are health and hazard issues.
If you already plan on repairing the roof soon after purchase, perhaps you can get in touch with a contractor, find out the cost, and get the permits aproved for the work you need to do. Permits for simple jobs like this are relatively easy to get and can be done over-the-counter, without any sort of extended approval process. Often, you don't even need to submit plans to the city.
I'd guess that the bank would accept proof of a permit and an initial retainer with a contractor for the work as proof that the work will be complete in a timely manner, and get escrow moving smoothly again.
If you need help finding a contractor or with the permit process, don't hesitate to ask!
The first of which is FIRE YOUR BANK.
If you don't you really shouild not expect success.
Now that you have secured a 'Clear to Close' from the lender recommended to you by your REALTOR, have your REALTOR construct a roof repair escrow or even an FHA renovation loan. Consult your REALTOR.
If you don't change lenders, you are setting yourself up to be left at the alter by your bank.
Be aware, you are going to need to spend some money. If $2,500 is a show stopper for you, there exists the possibility you are not yet ready to be a home owner.
Fire your bank. OH, who is the lender in the case you describe?
Ahhh, short sales, aren't they wonderful?
Best of success,
Annette Lawrence, Broker/Associate
Palm Harbor, FL
Do you have a buyer's agent? If so, this is a question to discuss with him or her.
If not, I would get one! Short sales are difficult transactions and really should not be taken on without any guidance.