Asked by Irene, Oak Park, IL • Sat Sep 13, 2008
I am currently purchasing an "AS IS" home from an 88 year old man. The house is under contract. We've completed the inspection and we hit a small snag from the Appraisal. I am financing the home via FHA so I can have more money in my pocket to make repairs/upgrades. The Appraiser has said that the window sills must be scrapped and painted and a small piece of loose concrete on the front stairs must be repaired prior to closing. I've been told and it is in the contract that the house is being sold "AS IS." What options do I have? The seller is contributing 3K towards closing costs. I don't want this deal to fall through as I've invested 2K in earnest money, the home inspection and appraisal, etc. My suggestion is that the seller take $1,500 if needed from the 3K and make the repairs. What I don't want to do is use my money to make repairs on a home I don't own. Any suggestions? Both realtors (seller and buyer) are relatively new, my real estate attorney is useless.
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