loan officer won't tell us what repairs are needed to close

[SmartMoney]

Something doesn't sound right. A lender does not issue a loan commitment without specifying what's needed or referencing what is in the report. I'm guessing that the underwriter stated one thing and it's being requested if he/she will accept something different and that's why you don't have specifics. Underwriters are not always at loan officer's beck and call and it may take a couple of days and verification with the appraiser that something will or will not effect the value or marketability of the property.

[sheenie2000]

Finally, we got the list and clarification on everthing, they just couldn't get their act together. Thankfully, the underwriter isn't requiring the wood rot repaired as most of the windows have wood rot. And they accepted the fact that we will be upgrading all the windows anyway after we move in. They just want some of the roof leaks repaired, dryer vent installed, and a couple other small things.

Originally Posted by chet everett

Sounds to me that this lender does not want to do this deal on this house with you as borrower. The sign of that is that they are not being helpful, if this is just an overworked / under trained loan person MAYBE you or your agent could get better results 'going over their head' but frankly that might just result in more of the same.
If the lender has said through the person that you are working with "this house does not meet our lending standards due to wood rot" I would not assume that if you fix the rot the lender will simply say "OK you are now good to close". There is pretty good chance this lender is using the wood rot as an excuse not to fund YOU in THIS house.

Ugh I hope not, but it sure seems like it.

Did you not get an inspection? Did the bad windows / rot not come up? Where is the seller in all this?

The home is a foreclosure that's why. But the seller/bank is willing to do the repairs. We submitted the repair list to them today. So hopefully they'll do them soon and we can close!

The bank has actually been the most reasonable throughout the whole process. Now for the agent and the lender, that's another story lol.

[chet everett]

Well that makes a little more sense -- there is a bit of fear among lenders that if they finance a foreclosed home they are going to end up having it as bad asset on their books some day in the not too distant future, so I can see how your lender is being very drag their feet on this.

If the selling bank has agreed to the repairs you need that is excellent.

Good Luck!