Buying A Home
meg_2006
member
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another FHA question...sorry
As stated in the post below, DH and I are looking into a house that needs some work done and want an FHA loan to remodel & fix some things. It does have some problems that I'm sure an FHA appraiser will note and need changed:
- there's surface mold in the basement corners
- a small shatter spot in the bathtub
-no appliances
-chipped paint (house built in 1948)
- has the original fuse box- not breakers
I'm sure there's more that I'm not thinking of right now. My question is, who is normally responsible for fixing these things? The seller or the buyer? And should we just ask the seller to fix them before the appraisal to make things smoother? I'm pretty sure the sellers aren't local anymore, and this will make things more difficult.
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Re: another FHA question...sorry
There's no dehumidifier in the basement, so it's very damp down there. It's a below-grade cement basement, and the mold is in two of the bottom corners. I'm hoping it's not a major problem... but that's definitely my main concern right now.
You can hold your appraisal until you are happy with the inspection. Just remember the longer you hold your appraisal the longer it will take to close. I had a damp crawlspace. My inspector immediately know it was because the gutter was dumping straight onto the foundation at one corner. I extended the gutter and my crawlspace is no longer damp.
If you get the inspection then you can take your wishlist from the inspection back to the buyer. That way you will know what they are willing to fix before you spend 400-500 on a appraisal. I held mine off for a week while I had my inspection and negotiated repairs. Let me know if you have any other questions. The whole process can be very overwhelming.
So it's inspection first, then necessary repairs, then appraisal?
Sorry for my stupidity, I know nothing about this!
Truthfully, the seller is NEVER obligated to repair anything they do not wish to. Nor are they required to, in fact that statement is incorrect. It's not always in the sellers interest to spend money on a home that they want to sell, sure the house might stay on the market longer but in regards to the blanket statement, "the seller is typically responsible for repairs" is definitely not true. The seller has a choice if they want to repair your requests, or give you a credit for you to repair on your own. They also can just say no to both. Just FYI
Our buyers (doing an FHA loan) had their inspection yesterday. I am sure there are some things they will want fixed but I don't know what. I have already talked with my agent and we will not agree to any repairs until the appraisal is done.
I don't know how much my home will appraise for so I don't know how much money I have to do repairs. I have my down payment for my new home in my savings account but I don't want to use that because I may end up not being able to get a new house because I fixed the old one.
According to my agent it is usually inspection first and appraisal later but in a situation like ours, where the asking price is so close to the amount owed, the buyer will often wait until appraisal to accept or reject repair requests.
I won't be unreasonable and I will fix those things that are necessary for the FHA loan but anything above that will depend on how much we will receive from the sale.
Georgia, we're first time home buyers. I understood what you were saying. We close officially on the 30th, Monday. Both my wife and I have found that this is a difficult process to go through for the very first time. Our Realtor really held our hand well, directing us for smooth sailing. I just wanted her to understand that she should not get her hopes up on things getting fixed. It's never in the sellers interest to spend cash for repairs on a home they may not be getting very much money for in the first place.
Our new home the owner agreed to fix the AC conduit, unplug it. That's all, she refused to credit us for the malfunctioning garage door, disposal that doesn't work, and a carpet stretching. Minor issues we can take care of, but according to our realtor she has no obligation to repair anything.
Currently we rent our house and our landlord wants to sell it. It's been listed for two months now. I've informed her that the house won't sell at her price but she refuses to acknowlege that the backyard is eroding and that's the number one concern. To shore up the back yard will cost $30,000. That's an estimate, she's listed the home at $117.000 She's thinking that because the houses in our area are selling for $120,000 she's going to be able to get $120,000. Fat chance.