Mortgage Bad Roof

Firstly you need to have your roof inspected for any damage leaks or signs of deterioration.

Mortgage bad roof.

Increase the offering price. At the end of the day if the roof is so bad that the house is uninsurable there is nothing you can do. The federal government has health and safety guidelines for roofing that apply to many home purchases. Even if you walk away they still have to disclose that roof is in an uninsurable state now that is has been discovered.

What are my options if a house inspector finds that the roof is bad. The seller needs to resolve the issue. Be aware that a bad roof could lead to other issues such as ceiling drywall insulation or even. All was well except for a bad roof that s 20 plus years old and needs repair.

Roofs that are older than 20 years will normally show signs of deterioration but finding out the extent of any needed repairs saves you a lot of trouble. The problem with roofing damage however is that it can be more extensive than it appears. In order to pass the appraisal process the roof must also provide reasonable future utility durability and economy of maintenance according to the fha official site. For starters the roof must do what it s designed to do fha and hud regulations say it must not leak or allow moisture to enter the home.

If the seller hesitates on fixing the roof add the cost of the repair to your. If there is evidence of major deferred maintenance on the property the mortgage will likely be declined. Your inspector will tell you about the issues that you need to address. The owners are buying another house and money.

Buyers and mortgage companies avoid a failing roof like the plague so replacement may be what it takes to pass inspection but don t expect a full return on investment. The bad roof can be an advantage for you to get the house of your dreams for a discount if you 1 have the money and 2 press your advantage. Obtain a bid for repairing or replacing the roof from a licensed roofing contractor. Refinance your mortgage refinance rates 30 year refinance rates.

Lower the offering price. Properties must meet certain minimum standards before a lender will approve a loan.