Would a 2 family pass conventional underwriting , if 1 unit's missing the furnace and water heater?

  • July 19 2011 - Saint Louis
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Answers (6)

Profile picture for Bryan Young

The key is to have the items in place (and verified) prior to closing, right? So, you may need to think a little creatively to get the deal done. For example, can the owner "front" the cash required to install the hot water heater and furnace by getting billed at closing by the installer? Can the owner put the installation on a credit card or other line of credit? Can the owner borrow funds from a family or friend until closing? Can you go to a hard money or private lender for a short term loan of the installations? You can always fall back to a 203k or construction loan if other options are not available. Be upfront. Ask lots of questions. Sometimes deals take some creativity...

  • August 02 2011
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You definitely would not get conventional fiancing without the furnace and water heater in one unit. The only financing you can get os a 203K which would pay for the purchase and the repairs.
  • July 31 2011
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In my experience - no -.
Needs to be livable.  Have you considered a 203K  loan?
  • July 30 2011
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Profile picture for shapiroamg
Definately would affect the livability.

You could get a buyer approved conditioned on those items being installed and working prior to closing. Good luck.
  • July 20 2011
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Agreed, no.
  • July 20 2011
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No.

Happy funding, Rudi
  • July 19 2011
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