I'm purchasing a home and I'm asking the seller to pay for a new roof. Will most lenders let the seller give me a check for this amount out of sales proceeds as a credit at closing, or will they require that we just reduce the purchase price that that amount? If it has to be done by reducing the sales price, then I won't have the cash on hand to pay for the new roof.
While it can't be said what most lenders would do, one of two choices will apply. 1) If the roof needs repair because it has failed in some way, it should be done prior to the sale and acquisition of a new homeowners insurance policy. 2) if the roof is worn but still functioning as it should, the purchase price should be reduced by an amount necessary to repair/replace it. If you believe a new roof is needed and don't have the cash, ask that it be done as a condition of your purchase.
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While it can't be said what most lenders would do, one of two choices will apply. 1) If the roof needs repair because it has failed in some way, it should be done prior to the sale and acquisition of a new homeowners insurance policy. 2) if the roof is worn but still functioning as it should, the purchase price should be reduced by an amount necessary to repair/replace it. If you believe a new roof is needed and don't have the cash, ask that it be done as a condition of your purchase.
