COMMUNITY FORUM

clareezine

01:17PM | 02/21/03
Member Since: 02/20/03
6 lifetime posts
Bvrealestate
My bank told me to tent the house I want to buy right at 3 days before the original closing day, now I've tented the house, they want me to fix the damage before a closing day will be set up.
can anybody give me a good advice on how to push my bank to the closing? or is there anyway I can have them cut down the closing cost because of this? I don't have a realtor.
thanx a lot!!

rmurray223

05:49PM | 02/21/03
Member Since: 01/03/03
97 lifetime posts
what do you mean by "tenting" the house?

rpxlpx

04:52AM | 02/24/03
Member Since: 03/13/00
1675 lifetime posts
what damage?

clareezine

08:29AM | 02/24/03
Member Since: 02/20/03
6 lifetime posts
tenting-for termite
damage-there's couple holes on the baseboards
in the living room.

rmurray223

08:54PM | 02/24/03
Member Since: 01/03/03
97 lifetime posts
I see what they want. I am assuming they are considering the damage significant enough to cause structural damage or to affect the value of the home. Unfortunately there isnt much you can do in this process, The bank is simply protecting their investment, after all if the house falls apart and you default on your mortgage they dont want to have to sell sawdust and shingles, they want a structurally sound home. I would get an estimate on what it costs to fix this situation and if the damage is too great back out of the deal. I am assuming on your purchase agreement you were allotted time to have the house inspected and time to give notice to the seller if things were not alright with the inspection. If you are within your time frame you can back out safely. let me know if you need anything further I am a realtor and I will help you as best I can. you can email me direct if you need right away at [email protected]

clareezine

07:06AM | 02/25/03
Member Since: 02/20/03
6 lifetime posts

The damage is actually pretty minor.
The thing that really upsets me is the bank seems didn't know what they suppose to do until the last minute. And I'm the last one who gets informed.
But thanx for the reply. I guess I'll just hanging there.

rmurray223

08:27PM | 02/25/03
Member Since: 01/03/03
97 lifetime posts
you may have gotten a new rep, believe it or not it is really easy to get into this industry and you get alot of inexperienced people... also would this happen to be standard fed bank? and if the damage is minor they should have a verification from a contractor that all is well and show them that you will do the follow up treatments as well. If that is done then there should be no reason that you shouldnt close on your loan in the near future. regulations for termite damage vary from state to state as well so they may be more strict where you are from. I am in Michigan where are you located?

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