Back up on closing cost?? Good or bad
Is it bad to back up a day before closing??
I was expecting on the rehab some amount of money but a lot of things come out so the budget went up and up the most expensive is the roof, I'm sad to back up cause it was going to be my first rental, so the number no longer work, should back up or continue? Does this make me looks bad with the bank?? Does an other bank or the same bank going to want to work with me again??
Any advise ??
Most Popular Reply
Don't you have an earnest money at stake? You will probably lose that if you back out the day before closing. You're also going to piss off the sellers and disappoint some other people but you have to weigh the options and do what's best for you. If it's cheaper to lose your earnest money then do that. If you think you can still turn a profit on it, then go through with it.
You should put all the numbers into the BP calculator and post a link here. That would help people assist you with a snap judgement.
Does it need a new roof right now? If so, how are you getting a bank loan in the first place? If you are just renting it out, why not start renting it now before you do the roof and try to squeeze a few more years out of it. Sometimes you can convince a roofer to patch and repair as well. They don't want to guarantee it typically but that can help keep it dry a little longer.