Asked by Red_as_copper, Butte, MT • Mon Sep 27, 2010
I live in Montana. I am under contract on a house, and I am approved for a FHA loan. Per the home inspection, several issues - roof, decks, paint - need repaired prior to closing because we have the FHA loan. The seller would not agree to do any of the work or reduce the price. I am supposed to close Oct. 7, but I have a 15 day extension in my contract. The appraisal has not been done, but I expect them to find the same issues or possibly some more. In danger of losing the deal, I went online and research different loans - I found the 203k and asked my lender (wells fargo). I was told I am approved for it, they have all my estimates for work, but they are telling me it will be 45-60 days before we can close. The seller does not like this. There is a back-up offer of cash, their agent would get double commission on that deal. I don't want to lose the house. I already have money tied up in the inspection. Can anyone give me more information or other ideas?
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