Hello, we just made an offer on a home that needs appliances replaced, sinks, toilets, light fixtures, and also a heating and air system. Estimates
for rennovation are just under $20,000. However, my in-laws own a heating and air company and can most likely do the a/c job for a lot less. Also, we would like to find toilets, sinks, etc. at a cheaper price for replacement if possible. We've been advised to apply for the Homepath Rennovation loan but I'm wondering what happens if we're able to significantly decrease the amount of money estimated for rennovation. Will we still be locked in at a $170,000 mortgage, or if we can save $10,000 on repair will our mortgage decrease to $160,000 at closing?
Is your purchase offer contingent on all the repairs you mention being completed before closing? If not then are you purchasing the home and trying to have money for the repairs included in your mortgage?
Since you have an offer pending I would highly recomend you sit down with your Realtor that prepared your offer and your mortgage loan officer and ask your questions of them. You should know if you will have the opportunity to obtain contractors not specifically listed in the repair documents you seem to allready have.
Regards,
Stan Reed, Realtor
Keller Williams Realty
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