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23 Procedures For Buying A New Home : #22 Required Repairs

By
Industry Observer TN LIC# 290452

                                     22

Repairs are an issue that not only have to meet the satisfaction of both the buyer in the seller during the negotiation process, but, in some cases, the repairs may also be required by the lender.

An example of a lender required repair is an FHA loan that might require a guard rail on the front porch stairs to make the front of the home accessible and meet the requirements of the Americans With Disabilities Act. A loan could be denied if these requirements aren't satisfied.

Review your documents carefully to determine what is actually required before you go the closing table. Insure that repair requirements are satisfied and that the buyer and seller have met their obligations as well in this department. It might also be a reflection of the quality of the home that the buyer is actually about to take possession of, in addition to insuring it's quality for the lender, as well.

What else can you think of when it comes to repairs?

Next: The Closing

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