I made an offer on a home that is a foreclosure. Got the house for about k below the original asking price but the home was sold as is. I have an FHA loan and the appraiser looked at the home and stop the appraisal because of a missing soffit and one missing piece of vinyl siding. My realtor is telling me that I have to sign a hold harmless agreement so that I can make repairs to the home. Is this normal practice that the buyer has to pay for the repairs even though they do not own the foreclosed home in order to have the appraisal finished?
The soffit and the vinyl siding are the only problems that the appraiser said need fixing. So far the estimates have ranged from 0-0 so far. The home has been inspected and there are some issues, but no others that will prevent funding to my knowledge. Thanks for all ofyour comments so far.
Should I pay for repairs on a foreclosure that are needed for an FHA appraisal before I own the home?
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The realtor should make any needed repairs in order to meet FHA loan qualifications.