Profile picture for ernestine hurtt

Can I renegotiate a HUD contract price when the asset manager is not monitoring the property?

I am a first time home buyer and I signed a HUD contract. Certain items on the Property Condition Report  were functional (roof, furnace, HWH). The property manager representative visited the property weekly with the most recent on 3/5/14. I visited the property on 3/7/14. There is 8" of water in the basement with ice floating on top. If the furnace and HWH is not operable, the house is no longer habitable and when I signed the contract it was not in that condition. Can I renegotiate the contract with the Asset Manager and ask to put the replacement funds for the furnace,  HWH, and roof in escrow?
  • March 08 - US
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Answers (1)

Profile picture for Outer Banks N C
It is certain the appraiser will note that and so the lender will not fund the loan and the contract will then die since you can't close on it. You should ask your Realtor to write up a release or amended offer to show the bank. They can say no to it, but you can ask. My guess is they will let you out and rethink the situation which could take awhile.
  • March 08
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