Asked by Red_as_copper, Butte, MT • Tue Sep 14, 2010
deck? We knew this house needed lots of work when we offered on it, but the seller's disclosure said there was an insurance claim on the roof. Our home inspector says the roof, rotten decking, damaged structural supports (A frame house), and peeling exterior paint will have to be fixed prior to closing. I found out the house is part of an estate, and I don't feel the seller is going to help us out with these issues. What then? We can't be expected to fix a lot of expensive things on this house we don't even own just to get a loan on it. We have excellent credit, but not much money for a down payment. Is the FHA our only option on a loan? The inspector said the seller will end up having to fix these major problems sooner or later to sell this house, but we don't want to lose it and we're not afraid to do the work over time. Will a bank loan money on a house that needs so much work?
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