Asked by D_rek, New Haven, MI • Sun Jun 5, 2011
I'm a first-time home buyer currently in the process of purchasing a foreclosed 'as-is' home and seeking rural development financing. I've come into a bit of a quandary with the appraisal of the home.
First, the home is a bank-owned foreclosure and as such, I had to sign disclosures regarding the 'as-is' sale of the home. Basically what this means is that the bank takes no responsibility for the condition of the home before, during and after the sale of the home.
Second, i'm seeking Rural Dev. financing because it is much more lucrative.
Lastly, I am now in a situation where the appraiser for the home has identified some very superficial, cosmetic repairs that need to be made before we can proceed with the sale. However, because this is a foreclosed home I am not in a situation where I cannot really negotiate with the seller (aka: the bank) to make repairs before closing on the home.
I am wondering if anyone had any advice for me. Thanks!
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