Examples That May Raise Questions
Depending on program and property:
- Significant roof problems
- Exposed wiring
- Missing safety features
- Structural concerns
- Major water damage
- Certain peeling paint conditions
- Nonfunctional systems
Who Pays?
That is negotiable unless the contract or program dictates otherwise.
Possibilities include seller repairs, a buyer-arranged permitted repair structure, renovation financing or another approved solution.
Why Sellers Should Care
A property marketed as "AS-IS!" does not force a lender to ignore property requirements.
If the likely buyer pool uses FHA, VA or conventional financing, condition can affect marketability.
Why Buyers Should Care
A lender-required repair is not the same as a complete home inspection.
A property can satisfy lender requirements and still have expensive defects.
How Lisa Helps
Lisa can coordinate the seller, buyer, lender, appraiser and contractors where appropriate, without pretending the REALTOR® controls underwriting.
