Supposed to close on Home in 13 days, and My lender wants me to pay for paint, but it’s bank owned!?
I am supposed to be closing on a home by may 10th. 13 days from today. I have been having a lot of difficulty with my lender. The home is bank owned and is in amazing condition. The only thing is, I am doing an FHA, and it is required it be painted, even though it is very minor, (since it is lead based being the house was built before 1978). The problem is my lender wants the home to be painted BEFORE closing. However, the bank who owns the house specifically put in the contract that there is to be absolutely NO repairs or alterations made prior to closing.
I have asked my lender if we can escrow the money in order to cover the cost of painting after closing as to satisfy the terms of the bank who owns the house. They said they cannot do that unless weather permits them to have it painted by a licensed contractor prior to closing. So I’m basically stuck in limbo.
On top of that, the lender has been ignoring my phone calls inquiring about this. I spoke with the loan processor Wednesday, and she said she’d call me first thing in the morning to let me know. And it’s Saturday and I still haven’t heard a word. I have called and left three voicemails asking what’s going on, and I am becoming incredibly frustrated.
I am considering dropping my current lender and moving to another, but I already had a hard credit check to even get pre-approved. I’m worried about it dropping my score more, as well as the funds I’ve already paid out for a home inspection $ 400, an appraisal fee $ 400 and an earnest deposit $ 500. I don’t know if I can get any of that back. I want this house. I will do what it takes to get it.
I need to know if it would be a good idea this close to closing to drop my lender and find one who’d be ok with painting AFTER closing, and doing it in escrow. Or if I should just wait it out and see what they say. But like I said, it’s FHA and my lender apparently is requiring it be painted BEFORE close. But the bank who owns it has forbade it. PLEASE HELP! thank you!