I am purchasing a home with a FHA 203k Rehabilitation Program mortgage. I understand my lender requiring that I get estimates and have the necessary work performed by licensed and insured contractors to bring the home up to code, that makes complete sense from a liability standpoint. However, I am purchasing the home from the previous owner (not a bank owned property) and the contract states that any unwanted possessions they have left in the home are to become my property at closing. This was done to negotiate a lower price on the home because the owner did not want to clean out the house. I had assumed I would be able to do the clean out myself as the new homeowner.
My lender has informed me that I will have to hire a licensed and insured contractor to do the clean out of unwanted items left in the home for me. Many of the items in the house I will actually be keeping for my own personal use. It makes no sense to me why they would require this to be done by a licensed and insured contractor. I am trying to save money on my home renovations by doing the things I am capable of doing myself, however, my lender, because of the loan type, will not allow it.
Does anyone have advice on how to get around this requirement? Or even an explanation of why they are requiring this? I'll provide more information if necessary.
Submitted March 18, 2017 at 10:15PM by advicemallard http://ift.tt/2mfZ2Ud
