Connie
Home Buyer
Chicagoland

We went under contract a week ago today on bank owned property (owned by Countrywide). We paid the 250 to have the proerty de-winterized and found out yesterday morning that the contractor who dewintereized told the listing agent there are several broken pipes. The listing agent basically told us the deal was dead (we were getting FHA financing). We want the house and are purchasing way under market value (will have at least 90,000 instant equity). The bank who owns seemed willing to cover repair if the lender would allow us to escrow for repairs, but they won't with FHA. Is the 203K streamline loan an option for us? How long does that process usually take. We had originally agreed on a closing date of 09/17/08. We are going through tonight with a home inspector and a pluming contractor to assess the damage as well as get an estimate on the repairs.

We don't want to walk until we know that every possible option has been tried sa any advice would be helpful!