July 2010 Weddings
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Need Advice

Okay so here's a follow up on our house situation... The bank is going to pay for the egress window in the basement and the cement repairs in the front walkway. We're gonna take on the rest of the small ones & then get the reinspection to get our certificate of occupancy.

Here's the problem I need advice on & I'm not sure how to feel about it: They want us to close before the repairs are done even though the bank is going to sign some documents saying that no matter what the repairs will get done. This makes Tim & I uneasy. What do you girls think??
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Re: Need Advice

  • I wouldn't close until the repairs are done.  If they don't get done and you get screwed, what are you going to do then

     If they're saying do it or no house, I'd either walk or get a lawyer involved if you haven't already. 

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  • I agree, don't close on the house until the repairs are done or there is legal documentation that they will be done and by who. You don't want to find yourself in a position of promised repairs, then close and end up being responsible for everything. Protect yourself first
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  • You need to have one or the other:  either the repairs done, or the signed documentation that it will be done.  Without at least the paper in hand from the bank, I would not close.

    However, even if the repairs are not yet done, but you have a signed contract from the bank saying they are responsible for it within a certain amount of time...at least you have some legal recourse if they should default and I wouldn't see a problem with closing then.

     

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  • I agree, you want to make sure your backs are covered.  I would not close without the repairs complete and up to your standards OR legal documentation stating they will be done and that you have the right to ask for the repairs to be done to a higher quality. 

    The fact that you and your DH are questioning this show that you do not fully trust the situation.  You just don't want to have a fast one pulled on you.   

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