It can be very difficult to walk into a home with a prospective buyer and tell them that the home that they have fallen in love with may not be eligible for financing. I feel like I am being negative, but actually, I am being honest. I certainly don't want my buyer to get into the contract proceedings, spend money on inspections, etc. and then find out that the appraiser flags the home as needing repairs. I am not the authority, however, so I always tell the buyer to check with the lender to verify!
We just completed negotiations on a home that has no flooring in the bedrooms. Even though it is being conventionally financed, the lender said that most likely it would have to be floored before it can be financed. The flooring does not have to be anything special! It can be just a cheap, or even used, piece of carpet. We negotiated with the seller to install something to get us by and the buyer is planning on replacing it anyway.
Sometimes we need to be creative and work things out. As long as all parties of the deal are working together this can often be accomplished! Think out of the box.
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