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Selling Your Home? Should You be Leery of Accepting an Offer from Buyers Approved for FHA Financing?
Selling Your Home?
Should You be Leery of Accepting an Offer from
Buyers Approved for FHA Financing?
It's not unheard of to hear my Borrowers (and their Agents) say that Sellers are expressing a leeriness about accepting offers from FHA Buyers ...
Typically these Sellers' uneasiness is based on rumors and stories they've heard about the difficulty of passing an FHA Appraisal. They think they'll be required to make their home "right for FHA Financing". The prevailing thought is typically that FHA ... or the Lender ... will require that they complete a long list of repairs prior to Closing. That they as a Seller will need to get their home in FHA "financeable" shape and that the cost of doing those repairs will be all theirs to shoulder. I can tell you, having once fulfilled the role as an FHA-Approved Appraiser (and now as a New Lenox - Will County - Chicagoland - IL/WI Mortgage Originator), that I've always felt that those fears were a bit unwarranted by the real estate community and the selling public. In many cases, any issues, if raised by an Appraiser, can be addressed reasonably easy.
It's been my experience over the years, that the property issues found below are those ... more
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