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Updated about 1 year ago,
Question regarding roof repair during escrow
Hi BP,
We are under contract for our first rental property but found more surprise during the escrow period. The property is sold as is and we already put down earnest money with only financial contingency left. We have our second appraisal coming soon.
Now the inspector did not find this but when we were getting bids from contractor we found multiple other things: possible leak in bathroom and we noticed leak around the chimney flashing. When asking seller about the roof, they said it's a new tear off roof in 2018, no warranty left, and they are surprised that it's leaking.. Surprisingly no one noticed this (inspector or appraiser) until this 1 contractor noticed when we went in day after raining.
Regarding to our situation with earnest money in we may not have as much negotiating power what would you do in our shoes? We are already taking on foundation/basement repair which will be $7-8k and do not want to add another big ticket item.