Minneapolis/St. Paul Nesties
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
What!? We only get 5 days?
According to our bank, we have to fix the following problems within the first five days after closing on our house:
-replace the electrical covers that are missing through out the home -replace any missing light fixtures and bulbs -scrape and paint the bathroom ceiling as the humidity has caused some peeling -replace the floor covering in the lower level family room -replace several bathroom faucets -replace/repair any missing wood trim-install a new septic system-install a refrigerator The bank says that they will have an inspector come out after the fifth day to ensure we completed these tasks. All of these things we were planning on getting around to but were going to accomplish one project at a time on our own timeline. Has anyone heard of this before? Some people have told me they likely won't come out and look at it. Also, could we be punished for not finishing everything like they ask... I mean it's already our house right?*spoiled to the bone*
Re: What!? We only get 5 days?
Is it a FHA loan? Is that why they're making sure you fix everything so it's all up to code? Can you negotiate anything with the seller? (I don't remember if it's a foreclosure.) Or can you negotiate to start work on the house prior to close?
We're doing a FHA 203k loan, and work has to be started within 30 days, and completed within 120 days.
Oh, and no. It's not your house yet. It's the bank, and they should have the right to tell you to keep it in working order until you pay off the mortgage. If you truly want it to be 'your house', pay cash.
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We had an FHA loan and the sellers had to fix peeling paint. We did not have to.
Can you look at your contract again and see who needs to actually do the repairs?
Anything in our house that is not up to code has to be fixed before we move in. I should have clarified- the 30-120 day timeframe was for our elective updates (carpets, windows, countertops.) That's because we're using rehab money and rolling into our mortgage.
Ditto PPs; I'm surprised they're allowing you to move into the house at all, if there are code violations.
Eat.Drink.BeMarried. Blog.
If its FHA and lender owned then the bank won't do any repairs, but they will let it close assuming that the repairs are made. Its the banks money and house until you have paid off your mortgage so they can pretty much tell you to do what ever they want to do the loan commitment, because really the house is their liability if you don't fix it.
I thought the same thing so I googled out of curiosity. I came across this MN based company and it looks like it can be done in less than 5 days. It also says some counties require a new septic system when a house is sold if the existing one doesn't pass an inspection. http://www.advanced-excavating.com/faq.html
Tired after a long morning of hiking and swimming.
What county is it in out of curiousity?
I had a buyer just purchase a 4.7 acre place in Anoka County and their home had a septic and we knew it wouldn't pass an inspection and we wouldn't be able to get a septic cert for it either because of the age of the system...however, we found that the county and that specific city didn't require an inspection at the time of sale of the home, and surprisingly enough the septic ended up not being an issue at all...we ended up being blindsided by another issue altogether.
Now I know that may not help you since the bank already said you have to do it, but maybe you can contact the city and county and find out if its a requirement...and most cities and counties will have pumping records, if they've been good about pumping it, then you might be able to skate by or have something to push back at the bank to give you more time...