Updated over 5 years ago on . Most recent reply
Conventional Loan For REO Winterized Property
Hello hello, I am working on a transaction in Connecticut where the property is REO and has been winterized. The listing agent state they are confident in the property passing conventional appraisal since they have before with local direct lenders (one I am using). Things I noted is 3 bedrooms have plywood (no rug or flooring). no stove, and the basement being half finished from them starting to insulate. Also, it being winterized for utility inspection reasons. I assume appraisal wise worst case scenario would be throwing down rug and getting a cheap stove and basement may not be an issue, I hope.
However, being dewinterized and bank owned. What is any advice when putting together a PSA to make sure the bank can dewinterize it for inspections. Any concessions someone can recommend I add to a contract to protect ourselves? This is my first time dealing with bank owned and don't want to miss anything. Thank you!!!