Question On rural Housing Loan (mortgage, escrow, inspectors, contractors)

[Missfire]

I live in IL and it has been so cold out.
I found out last Thursday there is chipping paint on the house that needs to be taken off and repainted.

No problem.

But the issue is it is cold out, too cold to paint.

We are suppose to close on this house Feb 26.

Do you think this will delay our closing?

My bank is looking into us being able to paint in March after we close so and then just send pictures to rural housing showing it has been done.

[rjrcm]

You will probably have to put money in escrow to be paid to a painting contractor when completed after closing. May need bids to determine how much is needed. Your bank/lender should be able to tell you want can be done in this situation.

[Missfire]

See I have been speaking with my bank on this. No need for a contractor at all.
They state that the seller has to paint this.
Which he is willing but it needs to be above 35 degrees out.

We already have to replace the roof and have our estimate on this from a contractor.

With this loan 2 major repairs you can not get the house.

Why have a contractor take paint off and repaint when I can do this for $50 bucks.

[rjrcm]

If you've been working this out with the bank, then not sure what the question is - they're the only ones that can tell you if closing will be delayed or not. Great that you can do it yourself. Some lenders might want invoices proving it was done, and some will require licensed contractors.

[Missfire]

My question is...It is too cold out right now to paint.

Is this going to push back my closing date?

[rjrcm]

Originally Posted by Missfire

My question is...It is too cold out right now to paint.

Is this going to push back my closing date?

What does your bank say?

[Missfire]

My bank finally got back to me today.
1. Have to go buy the paint
2. Turn the rcpt into the bank

So that they can see we can afford to paint what needs to be painted.

We can paint it ourselves since it is not allot

WE GET TO CLOSE ON TIME!

[rjrcm]

Glad it worked out.

[Chuckity]

Years ago when we sold our first home, our buyers had an FHA mortgage.

And it was the era of when the FHA inspectors REALLY inspected.

We were required to paint the exterior basement window frames before we could close.

It was February.

In Chicago.

We did it and they came back out to re-inspect - in a snowstorm no less and we closed ... but I'm quite sure that paint slid right off in the spring.

Sometimes, rules are stupid.

[Missfire]

Well we got the house to get approved.
We close 2/26!

This was a fast closing in 5 weeks let me tell you!