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#1
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FHA required repairs
Dear all,
I've been reading a number of posts about FHA inspections and just want to make sure my understanding of the process is correct: 1) Buyer must scheduled the FHA appraisal and inspection by the date set in the contract. 2) Seller is usually responsible for making repairs to make sure the house can be sold to a buyer with an FHA loan. 3) The repairs that are required are listed by the appraiser. Is this correct? My husband and I are selling our first home (hopefully) to someone with an FHA loan. He scheduled the inspection and sent us the repairs he wants but has not scheduled the appraisal yet. Without the appraisal report, how do I know which repairs are required to meet the FHA loan? The buyer has also not completed the loan application process, although our realtor believes that this was just an oversight on their part of not following through. While we have the right to back out of the contract at this point, we really would like to sell our house. My husband and I had included in the contract that we would only be responsible for up to 1% of the selling cost of the home. The list of repairs the seller submitted easily would cost us more than the 1%. Many of the repairs seem to be mostly cosmetic, while probably a couple are valid. Do we need the appraisal report before deciding what repairs to make or not? Many thanks in advance for any ideas or thoughts you might have. Best, Susan |
#2
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"Susanna" wrote in message om... Dear all, I've been reading a number of posts about FHA inspections and just want to make sure my understanding of the process is correct: 1) Buyer must scheduled the FHA appraisal and inspection by the date set in the contract. 2) Seller is usually responsible for making repairs to make sure the house can be sold to a buyer with an FHA loan. 3) The repairs that are required are listed by the appraiser. Is this correct? My husband and I are selling our first home (hopefully) to someone with an FHA loan. He scheduled the inspection and sent us the repairs he wants but has not scheduled the appraisal yet. Without the appraisal report, how do I know which repairs are required to meet the FHA loan? The buyer has also not completed the loan application process, although our realtor believes that this was just an oversight on their part of not following through. While we have the right to back out of the contract at this point, we really would like to sell our house. My husband and I had included in the contract that we would only be responsible for up to 1% of the selling cost of the home. The list of repairs the seller submitted easily would cost us more than the 1%. Many of the repairs seem to be mostly cosmetic, while probably a couple are valid. Do we need the appraisal report before deciding what repairs to make or not? Many thanks in advance for any ideas or thoughts you might have. Best, Susan This is Turtle. Spend about 10 minutes and 25 cents to call the F.H.A. office and request the information needed. First get the fellow name who wrote the report and get in touch with him. Talk it up and then expect info coming. TURTLE |
#3
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"TURTLE" wrote in message ...
"Susanna" wrote in message om... Dear all, I've been reading a number of posts about FHA inspections and just want to make sure my understanding of the process is correct: 1) Buyer must scheduled the FHA appraisal and inspection by the date set in the contract. 2) Seller is usually responsible for making repairs to make sure the house can be sold to a buyer with an FHA loan. 3) The repairs that are required are listed by the appraiser. Is this correct? My husband and I are selling our first home (hopefully) to someone with an FHA loan. He scheduled the inspection and sent us the repairs he wants but has not scheduled the appraisal yet. Without the appraisal report, how do I know which repairs are required to meet the FHA loan? The buyer has also not completed the loan application process, although our realtor believes that this was just an oversight on their part of not following through. While we have the right to back out of the contract at this point, we really would like to sell our house. My husband and I had included in the contract that we would only be responsible for up to 1% of the selling cost of the home. The list of repairs the seller submitted easily would cost us more than the 1%. Many of the repairs seem to be mostly cosmetic, while probably a couple are valid. Do we need the appraisal report before deciding what repairs to make or not? Many thanks in advance for any ideas or thoughts you might have. Best, Susan This is Turtle. Spend about 10 minutes and 25 cents to call the F.H.A. office and request the information needed. First get the fellow name who wrote the report and get in touch with him. Talk it up and then expect info coming. TURTLE And expect that some of the requirements will be arbitrary. My friend sold his house and it has two steps down from the porch. The steps were the standard concrete steps that every house on the block has. The concrete was perfect, but FHA didn't like the measurement between the top of the step and the porch. So they nailed wood plank treads and risers to meet the requirement and removed them after the inspection and sale. |
#4
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"TURTLE" wrote in message ...
"Susanna" wrote in message om... Dear all, I've been reading a number of posts about FHA inspections and just want to make sure my understanding of the process is correct: 1) Buyer must scheduled the FHA appraisal and inspection by the date set in the contract. 2) Seller is usually responsible for making repairs to make sure the house can be sold to a buyer with an FHA loan. 3) The repairs that are required are listed by the appraiser. Is this correct? My husband and I are selling our first home (hopefully) to someone with an FHA loan. He scheduled the inspection and sent us the repairs he wants but has not scheduled the appraisal yet. Without the appraisal report, how do I know which repairs are required to meet the FHA loan? The buyer has also not completed the loan application process, although our realtor believes that this was just an oversight on their part of not following through. While we have the right to back out of the contract at this point, we really would like to sell our house. My husband and I had included in the contract that we would only be responsible for up to 1% of the selling cost of the home. The list of repairs the seller submitted easily would cost us more than the 1%. Many of the repairs seem to be mostly cosmetic, while probably a couple are valid. Do we need the appraisal report before deciding what repairs to make or not? Many thanks in advance for any ideas or thoughts you might have. Best, Susan This is Turtle. Spend about 10 minutes and 25 cents to call the F.H.A. office and request the information needed. First get the fellow name who wrote the report and get in touch with him. Talk it up and then expect info coming. TURTLE I am a FHA compliance inspector and the appraisals only check on about 12 things. Go to the FHA web site and check for your self whats required . Sounds like the buyer had a buyers inspection done with a wish list. |
#5
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What the FHA does via these "required repairs" is to force people to buy
homes which are more expensive than they can afford. Many people can't afford to live in a "perfect home" or a brand new home. The homes which lower income people can afford do not qualify for FHA loans due to required repairs being needed! Seems silly to me. I think the FHA should point out defects, yet make repairs optional. Some people are good at making their own repairs and can do so themselves for a lot less than paying a contractor or paying more for a house up front, then paying interest on the additional cost for 30 years. So you have a young handy type person renting and having to pay rent increases each year. The young person can afford a "fixer-upper", but not a home in perfect condition. It would make more sense for this person to buy a fixer-upper, have a basically fixed payment for the rest of his life, then he could slowly make repairs to his home. |
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