Can bank require list of rehab items plus receipts?

[Karin Crompton]

Hey all - I am livid today! Maybe you can either calm me down, or tell me I am rightfully enraged.

We have an FHA buyer for a rehab, and among the hoops we've jumped through so far are the requests from an inspection plus two FHA appraisers (actually not a big deal, just time-consuming). We took care of everything they wanted done. Last night, the buyers' agent forwards an email from the bank w/an update and summary (never mind that we were supposed to be closing yesterday and ran around getting our ducks in a row well ahead of time, but I digress).

The email included this line:

My immediate reaction has been that this info is none of their damn business. They've had an inspector and two FHA appraisers out to the property. The buyer has an experienced Realtor. Many sets of expert eyes have been out there and inspected every inch of the place. It obviously appraised, so why does the itemized list of improvements matter? Clearly, the house underwent an extensive renovation - and even if it hadn't, again, it freakin' appraised. Additionally, we've owned it since Nov. 14; this isn't a case of an investor buying a property, doing nothing to it, and sticking it back on the market in 2 weeks (although, once again - if it appraises, it appraises, imho).

I also feel that my contract and what I paid to my contractor is proprietary information. How is the price of the rehab relevant to anything? I'm happy to provide them with permits and the sign-off from the city inspector, which they also asked for. That is relevant.

I'm almost inclined to acquiesce in part and give them a list of what was done but no receipts. Or to provide the Scope of Work and, if I also submit the invoices, to redact the pricing info.

What say you, BP members?