This is a re-post as I don't think my first question was clear enough. I am trying to purchase an REO Manufactured home. I am approved FHA and paid for an inspection. The home is in VERY good condition for the price, but there are a couple of issues that MAY come up for the appraisal. If I have an appraisal done, and the bank that owns the property refuses to fix the items required to close, I have to pay the appraiser $500, so I'm trying to work this out before the appraiser goes in. Is it unusual to word the from 35R as "seller must fix all items required by appraisal to close at sellers expense"? Is that an acceptable way to word it? The items that MAY become an issue would cost no more than $2k to fix, and I'd even be willing to reimburse $500 of it at closing. I don't want to lose the house over 2k in repairs, but I also don't want to put any more of my money on the line (already put $500 into this). The seller has stated its an "as is" property, but I'm not asking for anything to be done that the appraiser wouldn't require in order for it to be financed. And yes, the seller was made aware from day 1 that I'm an FHA buyer. Any tips, suggestions, comments? Please state your source and thanks for the input.
Most banks or lenders that have REO properties do not want to make any repairs on them at all. If they can not get a person to purchase the property as is to use as a owner occupied property they will eventually sell to an investor at a deep discount. If the discount is less than the mortgage balance they write the loss off on taxes. FHA loans require that the seller repair any items that are found by the appraiser to be a safety hazard or make the property not livable. Your statement is sale is contingent upon seller complying with FHA appraisal and conditions that might need repair. Failure of the seller to comply with FHA appraisal conditions all earnest funds are to be returned to buyer within 24 hours of denial. In most cases FHA would require the seller to make the repairs. If all it take is 2K to put the property is a salable condition this bank might do this, this is not an enormous amount of money. I don't know how you get around not paying for the appraisal. This is normally a cost borne by the buyer prior to the sale and during escrow closing. FHA would want to know the value of the property and if there are things that need repair in order for a person to occupy the property. I hope this has been of some benefit to you, good luck. "FIGHT ON"
UNLESS i am mistaken, you have two terms confused; appraiser and inspector. appraisers only offer values --and if asked, what a property needs to be worth more. THEY state what they see. IT is falling down, it is in excellent shape, etc. an inspector will stipulate, this joint, this portion of the roof. is in x condition and needs repairs. you may stipulate "the seller must pay for" but since you said the home is listed Madison IS, it is unlikely that he will make any repairs at all. luck to u
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