Q: I am interested in a foreclosure property being sold ?as is?. The bank that owns the house (it is a mobile with land) has already pre-approved me for a loan. I gave them an offer that included providing a water heater. They asked for a counter offer with my ?best and final offer?. I want to take out the water heater because I have a friend that works on houses and can give me a good deal. My agent says I need to leave it in because they can?t give a loan on a house without a water heater. It is not an FHA loan. Can I have her take out the water heater? (there is another offer on the property and her agency is handling that offer too) ? Thanks
?Anonymous, Peoria, IL
A: Generally a water heater will be required for financing (health & safety issue) and in many cases the bank that owns the home will put one in if required for financing, check with the underwriter.
One strategy could be to take the water heater requirement out of the contract and then when your lender requires it for a loan, ask the seller to repair/replace, but your agent will know the best strategy for your area and situation.
good luck!
Teri Andrews Murch is a Realtor? with Lyon Real Estate in Auburn, CA.
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