We sold a property in Portland.
The UNDERWRITER for the buyer's loan said that they would deny the buyers financing unless the roof was replaced. We ended up having a second inspection as noted below, then arranged to have the funds for the new roof paid out of escrow and the buyers were able to select their own roof.
Best of luck!
RE/MAX Equity Group
Lake Oswego, OR
Has this issue come up because of an inspection?
Do you have the money to do the repairs?
Do you have an estimate ( or 3) to do the repairs?
What are the ways that you can finance the repairs?
Does the whole roof need replacing or just spot repairs?
Do you want to just take the chance and go ahead and get a buyer under contract and see if it is an issue with their lender?
Do you want to get a roof inspection prior to putting your house up for sale?
These are all issues to discuss with your Realtor to formulate a strategy on how to proceed. Good Luck.
Tony 503-796-9158 firstname.lastname@example.org
Even on some conventional loans with less than 20% down - I am finding if the roof is leaking, sagging or has other obvious issues the appraiser may note the same on his/her report, which could lead to the buyer not being able to get PMI (Private Mortgage Insurance) and thus, no deal.
You could decline to offer your home to buyers utilizing FHA or VA financing, or needing PMI, but in certain areas and price ranges, that could severely limit your buyer pool.
It could also arise as an issue with any buyer's home inspector - even a cash buyer.