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jrok57

FHA - 'AS-IS' foreclosure???

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Like most eager first time homebuyers, trying to take agvantage of the $8k rebate, I found myself under contract with aforeclosure that was listed "AS-IS" but FHA financing available.

Now that I have opened escrow ($750) done my inspections ($300) and had the appraisal ($515) the lendor says there are repairs needed to make this property FHA financed. However, the seller (bank of america) says they will not make the repairs due to the "AS-IS" condition.

I'm stuck. Apparantly, if I back out of the contract I stand to lose the above listed money, which is a lot of money to me. Or I could have the repairs done at my own expense.

Are there any laws pertaining to this situation? How can banks lead consumers on by saying FHA financing is available? [Consequently, the appraisal I payed for had been performed three months prior my offer for another buyer that walked out on the deal]

I would appreciate any answers or comments about my situation

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"Consequently, the appraisal I payed for had been performed three months prior my offer for another buyer that walked out on the deal"

Not sure what your point is here.

Bottom line is there's nothing illegal about this, and you shouldn't be looking to the owner of the property for details about financing. Technically speaking, FHA financing is (evidently) available. It's not clear whether you made the contract contingent on your being able to get FHA financing (and/or the inspection results being satisfactory to you).

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