I have this l/h deal purchased, rehabbed, under contract, buyer easily qualified, set to close on the 30th. But, I have run into a very large problem.
I helped my buyer get set up with VA financing. The home being sold is on a private street with 18 other homes and VA wants 75% of the residents to sign a notarized “Road Maintenance agreement” holding them accountable for their small part of the road. The residents have been responsible for their part of the road all along but when I approach these residents they do not want to, “sign a contract with the government.” It really looks like this is going to put a hole right in my deal if I don’t get this figured out. I am trying to work through it but I am getting stuck. Has any one dealt with this before?
This very home sold previously with FHA financing in 2001 so my finance lady got in touch with the title company who closed the deal and they have nothing on file from when it was closed then. So they got arounnd it somehow.
Any help/suggestions would be appreciated.