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The only thing holding back the closing of the house is the FHA inspectors request that stairs be added.The seller agreed to do the repair but to this day it
has yet to be done. The purchase contract has been extended two times already and closing was supposed to happen on 7/29. I know that agents reading this will think: "how am I supposed to know?" But if this has happened to you before, I really would like to gain insight as to why this is happening.
Also, if I allow the purchase contract to expire because of this, will I be able to get my earnest money back due to the seller's non performance?
Do you have a agent representing you? Why hasn't the seller complied to the VA/FHA addendum?
Perhaps they don't have the funds to add stairs and this issue should have been resolved before the closing date.
As for you getting your earnest money deposit back that all depends on what your purchase contract says.
Judging by what you're saying it doesn't appear that you have a realtor and if that is the case you need to get a attorney quickly.
I would talk with your lender about a hold back account so that you can take care of the repair after close of escrow. Either negotiate the price down to compensate or add closing costs to cover the cost to you.
I know out here we have a serious labor shortage of tradespeople and it can take 6-8 weeks to get repairs done. Especially small ones like that.
I would talk with your lender about a hold back account so that you can take care of the repair after close of escrow. Either negotiate the price down to compensate or add closing costs to cover the cost to you.
I know out here we have a serious labor shortage of tradespeople and it can take 6-8 weeks to get repairs done. Especially small ones like that.
If it's a lender required repair, the buyers will not get cleared to close without it being fixed and reinspected.
They don't have the option of fixing it later.
If it's a lender required repair, the buyers will not get cleared to close without it being fixed and reinspected.
They don't have the option of fixing it later.
This. For all the posters suggesting that I make the repairs, I'm very apprehensive to make repairs to a house that I don't legally own. What is the deal falls through? If I allow the contract to expire do you think I can get my earnest money back?
What do you think it's going to cost to fix the stairs versus getting your money back? Keep in mind we don't know where you are or what your addendum says and getting your money back is definitely a legal question.
If it's a lender required repair, the buyers will not get cleared to close without it being fixed and reinspected.
They don't have the option of fixing it later.
There is something called a hold back account. The repair can indeed happen after closing if the lender allows it. The buyer closes, the repair gets done, and satisfies the lender.
I would back out and find a new home to purchase. If the sellers refuse to make the repairs then you can absolutely get your earnest money back. Good luck!
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