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Updated over 14 years ago,

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6
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0
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AJ Biz
0
Votes |
6
Posts

REO - Lender conditions for closing

AJ Biz
Posted

We are in escrow for a 4 plex that is REO. My loan is moving along fine through BoA, and is approved and ready to close except for one condition.
* 1 unit needs a fixed heating source installed.

The holdover tenant (previous owner) has the keys to that unit that they were using before. They've now all but moved out, and show up once every few days (per tenants in the other 3 units)
They are NOT cooperating with the listing/sellers agent in letting them install the heater (condition to close and fund the loan).

The selling bank (US Bank) is not wanting to make any calls or get involved. Listing/buyers agent (same company) sent them a form to sign which would give the holdover tenant notice of impending repairs. But they refuse to sign that too.

BoA is refusing to even accept money in a "repair" escrow from us. I am willing to pay for the install. Its hardly any money given the potential gains.

How do I close this deal?

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