We're pre-approved for a fixer upper with bridge loan. Lender was told about its many issues but wants to see inspection report. Can lender back out?
Lender was told the home needed new boiler, plumbing, mold removed, etc; We have money set aside for repairs but maybe lender will think that's not enough money, not sure. We have various licensed union trade workers in our family who plan to do the majority of the work at a discount because we're related. What can we do if lender/bank says no this house is a money pit/repairs too much? They already pre-approved and we're suppose to close in 32 days. I may be borrowing trouble, but want to be prepared as we love the house and really want to own it.
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