In the last 3 years of me being in this business, I have recently noticed a significant change in how lenders have REALLY tightened up guidelines and seem more reluctant to lend money based on some of the most (seemingly) miniscule items. I'm sure most of you have seen this too.
If they are more detailed, we need to be too. Get you transactions "double bulletproofed".
FHA loan underwriters are now looking at all items in the purchase and sales and scrutinizing every minor repair in addendums. They are scrutinizing title 5 inspections . . If an older home passes title 5, the old plans may not be acceptable. New measurements must be taken by the Inspector or an engineer . They want professional diagrams, not handwritten ones from the 60's They want to see how far the well is from the septic, septic to leachfield, property line to well etc..
Strongly urge your sellers to do their own home inspection including a radon test ,mold test, pest inspection prior to listing the home. Radon and Mold issues can throw a transaction into a tailspin, eat up countless hours of your time and cause high anxiety for buyers,sellers (and agents...got any malox?). Ask your sellers to repair ALL items of concern.
This will save so much time before and during the transaction.. .Seller's disclosure- agent's should not be filling in the blanks and checking boxes of a sellers disclosure. The client should fill in the entire form. You don't live there, they do, check off the wrong box or answer the wrong way and you could be liable.
Be sure to alert sellers that repair work must be done by licensed contractors.
Also, be on guard for contractors who say they pulled permits on major work, but may not have.. go to town hall to be sure.. protect your sellers and yourself from future liability.
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Hope this helps you.. Happy Selling!
Lori Lincoln
Keller Williams Realty
lorilincoln@kw.com
http://LoriLincolnTeam.com
508-878-0917
Lori Lincoln
Keller Williams Realty
508-878-0917
Search Thousands of MLS listings for Taunton,Rehoboth,Lakeville, Assonet,Somerset, Raynham, Easton
$8000 tax Credit. Luxury Home Specialist in MA
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