I'm buying a bank-owned house. They are requiring that I get a 2-year roof certification. Is this standard?

Question

They want ME to pay for it, and I'm being told it's anywhere from $300 to $500. And this is on a less than 2 year old house that has had a standard home inspection and passed. There were a few cracked roof tiles (concrete tile roof) that were repaired to the bank's satisfaction. Every contractor and roofer that I have spoken to, and even the agent, is puzzled by this request from the bank, it is something they have never heard of. Thanks.

Answer 1

Home Warranty Insurance which includes the roof runs $405 a year here in So. Cal.

It'll cover everything.

Just stack it on your loan and get it for two years.

In the long run, it'll be less than a penny a day.

Don't sweat the small stuff.

Answer 2

ask the bank on what premis they are getting their information on, for u to get this done...but with tile roofs like that, -I would do what they ask for...right now, they hold the cards....

Answer 3

It's possible that the appraiser conducted the appraisal inspection prior to the repairs, and identified the roof issue in his/her report.  Since your lender is likely to sell your loan at some point, your lender is just covering themselves by obtaining a paper trail showing due diligence regarding the roof issue.  This is not "standard," but it's also not necessarily uncommon.

Answer 4

You may counter with you will pay up front for the certification, but want to be reimbursed upon closing.  I would not do this other wise.

Even though the inspector stated the roof was in good shape they are not in the roofing business.  

This is a requirement that is normally from the lender that will be lending you the funds to purchase the property.

I hope this is of some use to you, good luck.

"FIGHT ON"

Answer 5

Have you inquired as to why they want it?

I would look into a new bank.  If there is this much trouble now there is probably a lot more problems down the road!

Answer 6

Are you using a down payment assistance program? That is the only time I have heard of a roof certification being required unless something was said about the roof being in disrepair perhaps in the appraisal.

May be time to find another lender?

Good luck.