we're getting a seller's concession to cover closing costs on a house. but the inspection turned up several issues that need to be addressed immediately, chief among them the presence of asbestos in the cellar. the sellers offered to lower the sales price by $5000 to cover its removal along with some other repairs revealed by the inspection. we planned to take out the same loan so we'd get back the $5000 to make the repairs. our mortgage broker is saying the lender will not allow this. we can reduce our loan by $5K, which is great, but that doesn't give us any money up front for the asbestos removal. after the downpayment, plus moving costs, we won't really have enough to make these very imporant repairs. i've read about other people financing repair costs, so why are they refusing?
2006-08-23
10:01:17
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8 answers
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asked by
Chris G
1
in
Renting & Real Estate