Closing Challenges - Repair roof before closing

[Mitchell Morgan]

The situation is I'm trying to purchase a property with conventional financing. The issue is the roof is in rough shape and 19 years old so I haven't had luck finding an insurance company to insure the home so that the loan can close. So, Im trying to get creative. Is there a recommended way that I can front the roof repair money and still remain protected? Hypothetical scenario being: I place funds in a repair credit escrow, seller hires my contractor of choice for the job, repair credit gets released to seller to pay contractor, insurance now approves a policy for the house, and we close. Does this make sense or sound somewhat realistic? Input or new ideas are welcome!

[Wayne Brooks]

@Mitchell Morgan If you’re laying for the roof repair anyway….see if the insurance company will issue insurance contingent on you replacing the roof within 30 days or so from closing…cleaner all the way around.