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Updated over 4 years ago,

User Stats

109
Posts
25
Votes
Eric Telese
  • Rental Property Investor
  • Glen Cove, NY
25
Votes |
109
Posts

Livable condition for conventional loan??

Eric Telese
  • Rental Property Investor
  • Glen Cove, NY
Posted

Hi,

We are currently supposed to close in a few days on a two family property. Appraisal came in 11 days ago. Now the bank is giving us an issue with some water damage under sink and saying they need a licensed plumber to inspect the area. Also are asking for a licensed HVAC tech to give a report of the units. 

We had our inspection and there were no issues with any of these. The seller took care of some of the water damage today and there are no active leaks. 

Is this a typical ask? I get the water damage thing because mold can begin growing. But a licensed plumber? There are no leaks. And for hvac, why should this matter? We know the age and condition of the units and know we will have to repair/replace in the next few years. What does this have to so with the loan?

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