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Updated almost 8 years ago,
How to recoup cost of repairs FHA requires before closing? Help
I'm selling a house with a contract on it, the buyers loan officer has already sent the loan docs to underwriting. However, FHA appraisal now requires that sidings of the house be repaired before closing. Sale price is $180,000. FHA appraisal is $185,500. On contract I agreed to pay up to $7000 in seller assists with closing. Cost to repair siding is approx $2750, and I have agreed to split the cost of this with the buyer. Problems are: 1) how to find a contractor to do the job in an area I'm not familiar with and accept pmt at closing and 2) how do I get my half back at closing? Would amending the contract delay underwriting and closing? Please help.
Roger