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Help!!!!! How can I ask the selling bank to fix the leaking roof of a REO before close?

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I am almost ready to close a REO house. Home inspection identified the roof leaking problem. We have renegotiated the price for reroofing. But it is already the rain season. After a heavy rain this morning, I found a lot water from the leaking roof has soaked and penetrated the ceiling and damaged the laminate floor.
Our contract says sell AS IS. But my understanding is as the condition when it was shown to us. It shouldn't be better, and shouldn't be worse too. Right now it obvious has become worse.
I am asking for advice on how to dealing with this issue. Although I have got some credit on reroofing, I can't do it until close the deal, which would be too late under current weather. Can I ask the selling bank to do some repair right now? If they decline our request, what could I do? What would be my right under this situation? Thanks a lot!

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December 15 2008 - Sacramento

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Jacqueline Edwards, "Perfect Quarters"
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Jacqueline Edwards, "Perfect Quarters"

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the bank will not fix the roof but they know the property is worth less than when you went into contract. if you don't close they know they'll be stuck with the a more damaged house so I would get my lawyer to renegotiate the price once again and understand should it rain more before your close the bank may stick to the amended contract because you know about this act of nature effecting the property condition. in the end you have nothing to lose except your deposit possibly meanwhile the bank has way more than that - they still own it. talk to them and see where they stand but know what you want and have a close date in mind so mother nature does not create any more mischief.

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December 17 2008

scottnewman325
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scottnewman325

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SPAM!!! You've been flagged!!!

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December 16 2008

scottnewman325
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scottnewman325

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The banks are large companies and their polices do not get bent or broken for anyone. With that said, I think your best bet is to go to the property and take pictures of what is happening with your agent. Then submit them to the listing agent and demand that the roof be repaired at least temporarily to stop further damage or you won't close. If you can provide evidence that the home is leaking like that it's likely the bank will get a much lower price the next time around if you walk so make them keep the water out till close.

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December 15 2008

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Help!!!!! How can I ask the selling bank to fix the leaking roof of a REO before close?

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