Unfortunately for you, if the FHA appraiser put in his report that the stove is in good working shape the seller does not have to replace it for you to obtain FHA financing. If you love the home, a stove is a small investment to have peace of mind.
Best of luck!
David Cooper. Las Vegas Foreclosure Buyer's Agent in Bank Owned REOs. 35 years experience. FReee List +1-7024997037...email@example.com
My inspector found the problem. The appraiser said appliances in good shape. I though "WHAT!!" but I can buy a stove the home and gas company will install for 42-78 depends on couplings. I have no plans to pour money into this home needlessly. modest simple upgrades, curb appeals, work save up more money and buy another home later on. I have been told the seller is not negoitating at all. The home is a fannie mae flip, bought at 90,000 sold at 121,500. I have never spoke directly to the lender, only the broker speaks to them.
Is this conventional or FHA Financing?
You can call or email me if you have further questions,
Everything is negotiable -- you can submit a request for repairs/replacement. Between you and the seller, provided that both want to close this transaction, there may be some concessions made.
If that fails --- buy a new stove. The cost isn't that prohibitive. At least, you'll have piece of mind.
But if there are other issues, and you'd prefer to withdraw your offer, that's another matter.
The appraiser usually doesn't inspect appliances. My guess is that your agent wants to know if the value will be questioned and then address all concerns once the appraisal is in and all inspections are back.
A stove should be able to be addressed, even in an as-is if it wasn't disclosed prior to the inspection. The seller can say no, but it can be a negotiable item. It could be a minor repair or may need to be replaced. As stated, it is negotiable and a home warranty will cover future discovered unknown issues. Have your agent ask if the seller has seller home warranty coverage on during the listing, this may cover some repairs.
I was just down visiting family in Palm Desert last week, it is a lovely community and I was surprised at the low prices of homes. It is scary to purchase a new home and your feelings are normal. Once everything is said and done you will feel very different. Owning a home is powerful and exciting.
All the best to you.
CJ has pinpointed some great solutions here. I agree with the home warranty, which serve the owner very well with many areas of the home. You may want to call the inspector to ask for more detail of his opinion. That may lead you to more solution options.
If the appliance can be made by a simple service call with an appliance repair that may be the less expensive way to go. AS IS with bank sellers (REOs short sales) is more difficult but a well written letter with the repair request and an estimate to repair and replace with like kind.
Worse case scenario it can be repaired and you can move on, safely.
I would also suggest purchasing a home warranty. When it or other appliances need repair it will save you a great deal of money over the first year of home ownership. Many home owners continue the service after a year. For more information search home warranties on line for offerings.
If the inspector said that the stove is dangerous, then the Stove must be repaired or replaced by either the seller or by you, the buyer.
The question is who is going to repair or replace the stove.
If the seller stands firm on the "as is clause" and will not make any repairs, your options are to either continue the transaction and accept that you will be the one responsible for repairing or replacing the stove. the alternative is to cancel the transaction during your contingency period.
You need to consider whether there are there other homes on the market in your price range that you will be happy with, or is this only home that you will be happy with.
If there are many other homes available that you will be happy with, then you might want to consider cancelling the contract during the contingency period for inspections, if the seller will not make the necessary repairs or replacements.
However if there few if any homes available that you will be happy with, you will probably be better off to accept the stove "as is" and plan to pay to make the necessary repairs or replacement.
I recommend that you get estimates for the cost of repair or replacement of the stove from qualified and responsible service providers, and consider this cost to be an added cost of the home. If the added cost is acceptable to you, then I recommend that you continue with the transaction.