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Updated almost 8 years ago,
How could I recoup cost of required FHA repairs? Help!
I'm selling a house and the buyer's loan docs are in underwriting. However, FHA appraisal now requires 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 of buyer's closing. Repair costs is approx $2750, and I agreed to split it with the buyer. 1) I need to find a contractor for the job in an area I'm not familiar with that will accept pmt at closing and 2) figure how to get my half back at closing. 3) Would amending the contract delay underwriting and closing? Experienced investors, please help.
Roger