shortsale paperwork
So I'm 75 days into a shortsale and the lawyers/Wells Fargo are sending me tons of paperwork to sign such as: Arm lengths addendum's, intent to comply with housing maintenance code, cash escrow agreement, Short Sale Affidavit and to close within a 60 day period.
My main question is, is it normal to get a housing maintenance and cash escrow account where there are requiring the following:
1. I must get written bids by a licensed contractor that must be submitted to the inspection department for approval to determine repair costs. The escrow amount is either 25% or $1000 of repair costs.
2. Electical or mechanical certifications are required before occupying premises.
3. They will return the escrow once the inspection comes back clean.
So, does that mean I have to get a licensed contractor to give me a bid for the entire list of city inspection report list of problems or do they just want certain items that would require a permit or a license to perform. I do plan on doing 75% of the work myself before I rent it and what I cannot do I will hire out. Anyone ever encountered this situation?