FHA loan question about buying a house that needs work.?
I just recently purchased a house for 52,500 to fix up and sale. Under my brokers advice I just decided to put it up for sale with only minor work for 68k. I have an a lot of cash offers and 1 offer for 68k from someone that is using a FHA loan. The house needs subfloor work, joists work and a cement pier repaired. It will also need a new roof soon. I did a sale contract to these people that was good for 15 days and got a back up contract with a cash offer in case the sale falls through. Whats the chance of the sale falling through if the people have decent credit, probably 0 down and are buying a house that needs work totalling around 10k? Thanks!
2007-02-11 13:06:09 · 3 answers · asked by hopes2graduate 1 in Business & Finance ➔ Credit
Theirs is better than yours. First you should get rid of your agent. A house sold under FHA contract and monies is subject to an FHA inspection, which is more ridgid than normal. You will have to doo all of the repairs, at your expense, not theirs.
2007-02-11 13:23:22 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
till those people are doing a 203k personal loan the percentages of them getting a private loan are highly a lot 0. considering FHA is a authorities personal loan their regulations are a lot more beneficial strict then commonplace financing, FHA appraisers do not even prefer to make certain peeling and chipping paint or lacking handrails.
2016-12-04 01:40:44 · answer #2 · answered by bartow 4 · 0⤊ 0⤋
FHA will require an inspection and will not approve the loan unless it is a 203(k) loan. It doesn't seem likely that is the case so you very well may fail the inspection and have to start over. I would try to get the inspection completed as soon as possible so that you will know whether you have a live deal or not.
2007-02-11 13:14:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋