Ever had a mortgage derailed by a roof?

[yossi]

Closing is set for 7/27 - just got final loan approval docs from NAVY and one of the stipulations is a roof certification saying it has at least 2+ years of life on it, if not, must be repaired/replaced.

 

 

The inspection done a few weeks ago indicates "roof is not leaking and is shedding water, however curling is observed and roof is nearing the end of its service life. Should be monitored and repaired/replaced in the near future"

 

 

 

 

 

So I have ordered a formal roof inspection and now I am in a panic. Firstly, what if the roof is bad and needs to be replaced. As a home owner, I am prepared for those expenses, but not at such a delicate time like this, with only 17 days to closing. Has anyone ever run into this problem?

 

 

[luckydriver]

well my guess is, though you dont want to hear it, that this problem could be cured by money so in the end it could be 'easily' solvable. my bet is if money was put in escrow for a new roof /repair then the closing would be ok. now who will put up that money..thats the fun part.

 

but chances are if your mortgage wont go thru, you can use that as leverage and say the next guy will have the same issue then get some kind of concession. i had a last minute thing like this years ago..literally at settlement they brought up an issue and we had to postpone a day even so we coudl work it all out. takes hard negotiation but things can all work out if everyone wants them to.

[yossi]

Thanks. Just spoke with navy... they will not do a roof escrow since its sumertime and any repairs must be done prior to closing. Ahhhh!

well my guess is, though you dont want to hear it, that this problem could be cured by money so in the end it could be 'easily' solvable. my bet is if money was put in escrow for a new roof /repair then the closing would be ok. now who will put up that money..thats the fun part.

 

but chances are if your mortgage wont go thru, you can use that as leverage and say the next guy will have the same issue then get some kind of concession. i had a last minute thing like this years ago..literally at settlement they brought up an issue and we had to postpone a day even so we coudl work it all out. takes hard negotiation but things can all work out if everyone wants them to.

[luckydriver]

interesting..wonder what season has to do with escrow? i've seen roofers up any time of year. but then again you dont want to put a new roof on a home that isnt even legally yours. hope it checks out!

[twizzle]

interesting..wonder what season has to do with escrow? i've seen roofers up any time of year. but then again you dont want to put a new roof on a home that isnt even legally yours. hope it checks out!

 

The seasons have a lot to do w it. We closed in Feb last yr on the house we're in now. We needed a septic. They did it w snow on the ground. There was no option-it was that or delay the closing til spring. They blasted and it took all of a week to finish. But they escrowed funds for the landscaping, which absolutely couldn't be done. Grass seed won't grow under snow. We also had termites, and while the damage could be repaired, the treatments couldn't be installed and begun until the ground thawed in the spring. The treatment $ was escrowed as well. And the leaky roof over the front porch-we escrowed that as well. Roofing done in frigid weather just doesn't go as well as that done in warm (some say it's also due to safety issues, but in our case, the roofing materials we needed to be installed in certain, warmer, temperatures, so couldn't be done without voiding warranties-even if someone had agreed to do it). So, in states w seasons these things screw up closings.

 

That being said, OP, from purchase to close, ours took 30 days-and we had major unexpected repairs done. Major. So, it can work out. If the report comes back you need a roof, you and the seller will work it out. Will it be fixed (or will you walk), who's paying for it and when (our bills were paid by the seller and paid out to the contractors at closing. They just had to turn in all receipts and invoices to underwriting), who's repairing it and when, who is signing off on the final inspection and when (our appraiser came back and for the septic we had to have the town inspector as well), and will it delay closing and by how long. Deep breath. You'll get through it, and the great news is if you go forward the house will have a spiffy roof when this is over. One less thing to worry about, right?

 

Good luck!

Edited July 10, 2012 by twizzle

[luckydriver]

Roofing done in frigid weather just doesn't go as well as that done in warm (some say it's also due to safety issues, but in our case, the roofing materials we needed to be installed in certain, warmer, temperatures, so couldn't be done without voiding warranties-even if someone had agreed to do it). So, in states w seasons these things screw up closings.

 

 

ok so roofing should be done in warm weather..so why wont navy let them put a roof in in the warm weather lol

[yossi]

well they wont do a roof escrow in the summer since they know the repairs can be done ASAP. If I was buying in the winter, they would let me escrow it, close and then do the required repairs when the weather warmed up

Roofing done in frigid weather just doesn't go as well as that done in warm (some say it's also due to safety issues, but in our case, the roofing materials we needed to be installed in certain, warmer, temperatures, so couldn't be done without voiding warranties-even if someone had agreed to do it). So, in states w seasons these things screw up closings.

 

 

ok so roofing should be done in warm weather..so why wont navy let them put a roof in in the warm weather lol

[twizzle]

Roofing done in frigid weather just doesn't go as well as that done in warm (some say it's also due to safety issues, but in our case, the roofing materials we needed to be installed in certain, warmer, temperatures, so couldn't be done without voiding warranties-even if someone had agreed to do it). So, in states w seasons these things screw up closings.

 

 

ok so roofing should be done in warm weather..so why wont navy let them put a roof in in the warm weather lol

 

OP said Navy IS asking for the roof to be done. They won't escrow the repair because it's summer.

[luckydriver]

oh so it's not possible to say the repair be done within X days of closing? seems a lot less stressful on everyones end to do that.

[yossi]

That is what I was hoping. Navy said absolutely not and repairs MUST be done prior to closing. So if the inspection comes back that the roof has less than 2 years left, i have 16 days to get bids and have repairs done.. ahhhhh

oh so it's not possible to say the repair be done within X days of closing? seems a lot less stressful on everyones end to do that.

[luckydriver]

and my guess is a roofer that is THAT available probably isnt the best out there either.

[yossi]

I hope thats not true! Will keep you posted..

 

 

 

 

On another front, navy just told me that the oven in the basement kitchen (which was installed as an entertainment bar back when the house was built in the 50's) must be removed before closing, or else its considered a 2nd living space and that is a huge no-no with them. They have some strange requirements!

 

 

and my guess is a roofer that is THAT available probably isnt the best out there either.

[luckydriver]

at least thats a 1/2 hour job that can be easily done

 

i cant wait for the roof report..whens it coming

[yossi]

Well, worst case scenario...roof did not pass, less than 2 years, and per the roofer, it needs to be replaced. He quoted $5800 including takedown of old roof. No idea if that is a good deal, its a 1400 sq foot, asphalt house, 1 story. I will try to get 1-2 more estimates. The big issue now is that closing is in 14 days. My realtor will ask the seller to pay half, so I am hoping they agree to that. Any advice?

at least thats a 1/2 hour job that can be easily done

 

i cant wait for the roof report..whens it coming

[jst300z]

Well, worst case scenario...roof did not pass, less than 2 years, and per the roofer, it needs to be replaced. He quoted $5800 including takedown of old roof. No idea if that is a good deal, its a 1400 sq foot, asphalt house, 1 story. I will try to get 1-2 more estimates. The big issue now is that closing is in 14 days. My realtor will ask the seller to pay half, so I am hoping they agree to that. Any advice?

 

Get another quote or two. $5,800 isn't too bad for your house design and size.

 

I would opt in for a QUALITY shingle, passing on the cheapest available. Labor is the same price regardless of the quality of the shingle. Do it once and do it right.

 

Asking for a concession may or may not work. Was the home advertised 'as-is' or 'great condition'? If you entered into the contract knowing through disclosures that the roof needs addressed, perhaps you left yourself an out with a mortgage contingency in the contract. If the seller does not help out with the costs, are you still bound by the contract?

[yossi]

Good point about the shingle quality.

 

 

 

 

nothing was disclosed that the roof needed work, and the truth is I am not looking to back out. we love the house, got it for $10k less than comps in the area and we are in a position where we are moving 1000 miles to this house and everything is in motion based on the assumption that we are getting it I do have the money for the roof, but it would be nice if he pitched in 50%, but my main concern is that closing is in 14 days, and I dont know much about roofing, but is it completely unrealistic to think we could have it done in time?

 

 

Well, worst case scenario...roof did not pass, less than 2 years, and per the roofer, it needs to be replaced. He quoted $5800 including takedown of old roof. No idea if that is a good deal, its a 1400 sq foot, asphalt house, 1 story. I will try to get 1-2 more estimates. The big issue now is that closing is in 14 days. My realtor will ask the seller to pay half, so I am hoping they agree to that. Any advice?

 

Get another quote or two. $5,800 isn't too bad for your house design and size.

 

I would opt in for a QUALITY shingle, passing on the cheapest available. Labor is the same price regardless of the quality of the shingle. Do it once and do it right.

 

Asking for a concession may or may not work. Was the home advertised 'as-is' or 'great condition'? If you entered into the contract knowing through disclosures that the roof needs addressed, perhaps you left yourself an out with a mortgage contingency in the contract. If the seller does not help out with the costs, are you still bound by the contract?

[jst300z]

got it for $10k less than comps in the area

 

There is your roof adjustment.

 

If the roof was new, you would have paid $10k more for the house.

 

This time of year roofers are busy. They spend late winter/early spring scheduling roofs for the summer. It may be difficult, if not impossible, to have one completely installed in 14 days. If your $5,800 fella can do it in two weeks, GET IT IN WRITING and get on it. The job itself would take 2-3 days on a small, one story roof.

[yossi]

Just heard from the seller and he is covering 50% of the roof! This is great news as i will only have to come up with around 3g instead of 6g, and I have a brand new roof! Now i just have to figure out the timing as closing is in 12 days.

 

 

 

 

I guess this could end up turning into a blessing in a disguise, as I now have someone paying for half my new roof, something i would not have if this roof issue came up after closing on the house.

 

 

[luckydriver]

zoinks getting a roof on in 2 weeks.thats gonna be a feat! i hope you get it.

[yossi]

Any roofers out there? Is this a good estimate?

 

 

 

 

1. Remove roof down to wood and haul away debris (there are two layers of shingles)

 

 

2. Replace up to 50sq ft of bad wood at no charge, and 2.25 sq ft for any bad wood after that

3. Install GAF Ice and Water shield on Eaves and in Valleys

4. Install T-Style Aluminum Drip Edges 1 1/2" face

5. Install new pipe boots

6. Install GAF aster Flow Roof Vents

7. Install GAF Timberline HD lietime Architectural Style Shingles

 

$5895

 

Is this a good price? Are the materials good? Brand used, etc. Is there anything else typically done that is not on this list that they will spring on me? ANY feedback from roofing experts would be really appreciated

[luckydriver]

i know zip about roofs but you are getting 50 percent off and taking the old roof off sounds great to me. plus if my math is right you only have a week so you are kinda stuck.

 

doityourself.com has a roofing section..if you post there you will get good answers..