Escrow and Major Repairs needed to close

[Eileen L.]

Hello,

I'm trying to decide what's the best route to take. I've listed the info below on property, but my lender needs all the below fixed in the next week to stay on track to closing. I was expecting to fix these in the next year, but not all at once. I've already invested $2k into purchase ($1500 for EMD, $500 for Roofstock fee). Should I pay to get estimates for everything and hope it's manageable or cancel? With interest rates rising, I checked with another lender and they're already in the 5's. Thank you in advance!

Loan Info:

$74500 Purchase Price (Down Payment $18,093)

Loan Amount: 59,600

Interest rate: 4.375% (Redfin estimate listed as $121k/Appraisal listed as $74,600)

Repairs Required:

- Roof certification confirming remaining economic life of no less than 2 years or proof of roof repair/replacement by a licensed roofing contractor

- Plumbing inspection and certification from a licensed professional; repairs as indicated

- Electrical inspection and certification from a licensed professional; repairs as indicated

- Structural Report to be completed by a licensed engineer; remediation/repairs as indicated

- Chimney must be inspected by a licensed professional and repairs completed.

[Afam Agbodike]

You may be able to recover your EMD if you have contingencies on the contract. I would personally be EXTREMELY unhappy with my lender if I was put into a similar situation.

How much would it cost you to get those inspections done? How long would it take to get all those things inspected? Are you still in the physical inspection contingency time period? What happens if the inspections come back with work? Did your lender inform you of these requirements early on? Did they give you any alternatives to getting the repairs done in a week?

It seems very unlikely that any of that work could be accomplished in a week, but in many cases money can be held in escrow pending completion of the work, or to be used towards repairs.

It sounds like your lender has put you in a very difficult position