appraisal VS closing

**oneofthecrowd** · 03-13-2009, 07:50 AM

My closing escrow papers (DOCS) are ready to be signed on an FHA bankowned home but the appraisal repairs have not been completed. Should I insist on them being repaired first before I sign or go ahead and sign? What could possibly go wrong if I sign first?

It's been over two months since the original inspection and two return inspections sent by the lender failed which were performed last month. My agent keeps saying their working on them. They're just simple repairs that won't cost more than a few hundred dollars to repair. I'd like to hurry up and get this process over with so I can move in but FHA won't allow this till the inspection passes.!? Please help...

**VancouverWa** · 03-16-2009, 10:07 AM

Hi oneofthecrowd,

Let me see if I got the facts right.. Your buying a FHA foreclosed property, and the FHA appraiser doing your loan has called for repairs to the home and your wondering if you should sign (docs) before repairs are completed.

It's your call. Your loan should not be able to close anyway until the underwriter is satisfied that the repairs have been made. If indeed the appraiser called for these things to be corrected then it becomes a condition to funding your loan. You can go ahead and sign, but it would still need the underwriters approval to fund.

Be careful though. Make sure your agent gives you updates to the progress of these repairs and make sure your satisfied with them as well.

Best of luck!

**oneofthecrowd** · 03-16-2009, 07:49 PM

Thanks a lot for the response! So, please, what does finalize the home purchase? Is it my obtaining the cashier's check to make payment of closing costs and down payment or what? I just found out about some financial troubles with my employment and I'm having trouble finding insurance for a 50 year old home... not sure what the best decision will be.

**oneofthecrowd** · 03-18-2009, 08:14 AM

Dear VancouverWA, I think I will wait until the appraisal repairs are completed first before I sign the loan DOCS. The seller seems to be giving me the runaround and I think I will just have to pull out of the deal due to this. I hope I can get my earnest money back. What do you think?