Before you back out, please contact me. I've been down this road before.
Switching lenders and possibly financing the cost of all of the repars is an option.
Let's do a through review of your file before you make any decisions. If it's best that you stay with your current lender, I'll tell you. If we have to tweek your scenario a little bit, I'll give you options.
Vino Alonzo, Loan Officer
Castle & Cooke Mortgage
Now, I can tell you this, I had a similar situation happen where during the escrow process a water pipe broke and the carpet was destroyed and of course the seller's property was NOT in the same condition as it was when the buyer offered on it. Since the lender most likely, has property condition requirements, unless the home is brought back to the same condition, you won't get funded.
But of course who do you look to? The seller most likely isn't going to dig into their pocket to cover those repairs cost, so if want to back out, there's a really easy way to do it. You just need a Buyer's Agent who is not coward and of course you need a LO who calls you back. Hopefully this will all work out, but if not, please find another LO to work with! This is certainly not the norm, but it appears that is getting more common that some LOs out there aren't conducting themselves in a professional manner.
Best of Luck!
Home is a foreclosure. Inspection completed. Lender has been dragging their feet and have not answered emails. Additionally, paperwork has several discrepancies not corrected. Shopping for another lender or person on existing staff. Have not signed all paperwork. MAY have to pour in $10-12K to fix items.
Currently within 2 weeks of closing. After realtor consultation, more than likely lose the earnest money (ok) and have to pay the appraisal fee. All other fees are internal.
Another question. Since the house is technically not mine until closing. House received damage from a storm. Is seller obligated to pay for these and if refuses can I back out of the deal. Assuming seller would concede to rectify said damages. Please advise.
Lynn911 Dallas Realtor & Consultant
Multimillion Dollar Sales Producer
http://www.lynn911.com 100's of Dallas homes listed for sale or lease
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Feel free to reach out if you need assistance.
All the best,
Nichols Home Lending
I wish you best of luck. If i can be of assistance in maybe providing you with mortgage options, please dont hesitate to contact me. Best regards,