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I put an offer on a distressed foreclosure with a pre-approved conventionial loan. My real estate agent says I will likely be required to make certain repairs prior to closing. My questions are 1. How can i make repairs when i don't even own the property yet? 2. If I made the repairs, can the back default and I'll loose the money I put into the repairs? 3. Is there financing that doesn't require me to make any repairs? Is it legal to be asked to make repairs prior to owning a home? there is possible mold on one wall, as swamp for a pool, and flooring is missing from 2 rooms.
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