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Repairing Before Purchase |
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We are trying to buy a bank owned home that needs $10,000.00 worth of structural work completed on the house before our lender will finalize our loan. This means that until the house is fixed, we can not buy it. We would hate to put $10,000.00 into a house that is not ours and then have the entire deal fall through. We are ready to pay the $10,000.00 to fix the house, however, just how can we fix a house that is not in our names yet and protect our $10,000.00 investment? |
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I certainly wouldn't invest that kind of money in a house I didn't own. I think you're right to be concerned. My feeling is that it's up to the bank to put the house in shape for financing, just as it would be with any seller.
You could talk with your own attorney, who may have something to suggest. I'm not a lawyer, but I'd say stay away from the deal. |
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Edith
Originally published on March 27, 2008 |
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