ack! underwriter demands roof replacement before purchase
We (buyers) are three days from closing on our house purchase. We just got a call from the bank that the mortgage underwriter says the roof is a no-go according to their appraiser.
It's in poor shape and we are already well aware of this going in. The offer that we made and was accepted by sellers takes the failing roof into consideration, and we have already had roofers inspect it to give us quotes to replace it shortly after we take possession.
Our offer is quite solid; 35% cash with a non-FHA mortgage. This is a very unwelcome glitch at such a late date in the process. Argh. Why could they not have told us sooner?!
It's very unlikely the sellers will take any more off the contract price since it's already the lowest they will go and they have been extremely difficult to negotiate with as is. But as I understand it, it's not about the cost but rather simply that we can't get the mortgage unless they get a new roof on the place first.
How on earth is this done? Do we somehow pay the seller to replace it? I'm sure our buyer's agent will give us lots of insights, but I'm totally antsy until we hear from her later today.
In your experience, what are our options?