We have a signed offer with seller and have done all the paperwork for mortgage loan. appraisal was just done and they say it is a loan requirement to paint the house first or loan can't proceed. Have gone to real estate agent to negotiate with seller for cost of this fix-up.
2006-10-18 10:25:06 · 6 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
All good answers, but some are a little off the mark. Unless you pay for a new appraisal (in the hopes that the new appraiser doesn't say anything about paint) then the seller will have to paint before the loan closes. The only other options are for the seller to agree to pay for painting and the money will come out of their proceeds at closing; or you could ask permission for access to the property and paint it yourself...
Rick
www.primelendingonline.com
2006-10-18 16:30:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes... My daughter just bought a home that came with a washer and dryer... we had a home inspection done and the inspector missed the fact that the floor under the washer and dryer need to be replaced... almost half of the laundry room floor... we went to the inspection co. to reimburse her for that... the inspector also found some electrical problems... so we again negoiated with the seller through the realtor to reimburse some of the cost for that... my point is... speak up... it's a buyer market right now...
Hope this helps!!!
2006-10-18 10:34:46 · answer #2 · answered by Sandy 6 · 0⤊ 0⤋
You can certainly negotiate with the seller on cost - perhaps the seller will pay some of your closing costs equal to half of what it cost for the painting (just an idea). Good Luck!
2006-10-18 10:28:42 · answer #3 · answered by Scotsman 5 · 0⤊ 0⤋
Definitely negotiate, get an estimate and show it in writing. There's really no other option unless you want to paint it yourself, and risk doing it for nothing if the whole thing falls through later. Or you could get a different lender who doesn't care about the paint.
2006-10-18 10:37:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Oh yea! You can negotiate anything! If the seller is really ambitious, they won't let paint block the sale of their home! Especially in a cooling realestate market. Good luck to you!
2006-10-18 10:29:11 · answer #5 · answered by Heather 3 · 0⤊ 0⤋
Well, since the loan, and thus the sale, will fall through if they don't negotiate, they will likely be very interested in working out a deal.
2006-10-18 10:30:55 · answer #6 · answered by Phoenix, Wise Guru 7 · 0⤊ 0⤋