Asked by Ron L., South Pasadena, CA • Mon Dec 20, 2010
My wife and I recently bid on a short sale, which was accepted by the seller and approved by the seller's lender. However, after the home inspection, we discovered that the garage has been illegally converted to living space. Serves us right for taking the seller's word that the garage was just a garage. Anyway, is it unlikely that my lender will approve my loan because of this? Is it possible that my lender will approve, with the stipulation that the garage be converted back? If so, since the seller probably doesn't have much cash, is it possible that I negotiate with the seller's lender to reduce the sales price by the cost to correct?
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