Freeze damage SFH - Lending bank requires turning on water for appraisal

[Corey LaRocque]

Hello, My husband and I are in the process of purchasing our first investment property. It is a bank owned SFH with an electric boiler. The water service has been shut off on the property due to freeze damage. We made an offer on the property last night and I think the listing agent is pretty much not considering it because we will need financing for the house. He said that the bank would not give us a mortgage because they want the water turned on to do their appraisal which they can't do because of the freeze damage. Our mortgage officer confirmed this so now we're stuck and can't move forward with this. Does anyone have experience with this situation or can offer some advise? Thanks for your help. Corey

[Wayne Brooks]

You generally won't be able to finance this acquisition, unless you do a 203k type purchase/renovation loan.