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Old 06-30-2008, 12:44 PM
 
Location: San Jose, CA
7,688 posts, read 26,915,123 times
Reputation: 3597

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Sorry for x-post but this got no useful responses in Real Estate forum.

I'm still in the contingency period, but it's a short one so I'd appreciate some feedback ASAP. The pest report came back at about $6200, most of it Section 1 items (fumigation and preventative repairs). The report has been forwarded to the appraiser. Will I be unable to get the loan from WaMu if the selling bank sticks to its guns and insists on an as-is sale? A conversation I had with my lender suggested it might be an issue, and the seller would have to take care of it as a matter of course. Is this something that they know, expect and will deal with so I don't have to?
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Old 06-30-2008, 01:33 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,691,765 times
Reputation: 1008
Not sure why you would submit a 'pest inspection' to the lender or appraiser.

I have never had a lender require one. They will require that you do sign a document stating that the LENDER notified you of obtaining a home inspection. Whether you get one or not doesn't matter.

REOs are given as 'as is' properties, and I haven't seen one where they will fix it up.

Quote:
Originally Posted by sonarrat View Post
Sorry for x-post but this got no useful responses in Real Estate forum.

I'm still in the contingency period, but it's a short one so I'd appreciate some feedback ASAP. The pest report came back at about $6200, most of it Section 1 items (fumigation and preventative repairs). The report has been forwarded to the appraiser. Will I be unable to get the loan from WaMu if the selling bank sticks to its guns and insists on an as-is sale? A conversation I had with my lender suggested it might be an issue, and the seller would have to take care of it as a matter of course. Is this something that they know, expect and will deal with so I don't have to?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-30-2008, 09:07 PM
 
Location: San Jose, CA
7,688 posts, read 26,915,123 times
Reputation: 3597
I got a straight answer as to what he meant. He said if the appraiser calls for a pest report, and after factoring in it comes to less than what I'm paying, then the bank is on the hook to do the repairs or else. I really hope it doesn't come to that.. I'd rather pay for the repairs than have to walk away from the house. Maybe I'll submit a letter showing intent to make the repairs myself if it turns into a problem.
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Old 06-30-2008, 09:11 PM
 
Location: Charlotte, North Carolina
5,137 posts, read 15,691,765 times
Reputation: 1008
The bank doesn't have to make any repairs to the home if they dont want to. They're not in the 'hook' as they're selling this property as 'as is'.

The bank can easily tell you to find another home.

Quote:
Originally Posted by sonarrat View Post
I got a straight answer as to what he meant. He said if the appraiser calls for a pest report, and after factoring in it comes to less than what I'm paying, then the bank is on the hook to do the repairs or else. I really hope it doesn't come to that.. I'd rather pay for the repairs than have to walk away from the house. Maybe I'll submit a letter showing intent to make the repairs myself if it turns into a problem.
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Old 07-01-2008, 03:59 PM
 
Location: San Jose, CA
7,688 posts, read 26,915,123 times
Reputation: 3597
Yeah I gathered that. If they don't respond to the pressure to do the repairs so that we can close, then I get my money back and keep looking. Hopefully if it comes to that, I can put together a repair package that I can activate on my own time after closing so I don't have to walk away from a property that's basically in very good condition for its age.
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