Can anyone share any advice as to starting demo work prior to closing. It sounds good, I know its bad, I know it holds legal issues...who has done it, would they do it again on a tight schedule?
I have a property I have under contract. Fannie Mae Foreclosure. House has mold in basement and I really want to dig to the studs and prep it so I'm not wasting any time getting it rehabbed. I don't want to put any money into the deal, just time and sweat. I know there is always a chance the deal can fall through. I have no worries about gambling my time over the higher probability it will close.
My question is, would it hurt my loan or myself in any way if that is done before closing?
I do plan on ripping the kitchen and bathroom, but I do know appraisers want to see that before hand, so I plan on waiting until closing for that. I am talking about the moldy basement only. It is an older home, some studs have termite damage, the bottom plates were not treated, I want to know the extent of framing that has to be done as well.
I appreciate any input. Thank you!
I am not looking for legal advice, I know the answer to my question in that aspect. I'm looking for personal experiences or if it will potentially hurt my loan.
Fannie will Not allow you to do it, period. If you do anything and they catch you they will cancel the deal.
Got ya. That settles that. I'll steer clear. Thank you!