Rockland County Real Estate: FHA buyers vs "AS IS" Sellers

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These days many potential buyers turn to FHA financing.  FHA loans offer advantages including lower down payment (as low as 3.5%) and less stringent credit requirements.

Recently I was hired to sell a house here in Rockland County. (Haverstraw) The seller took great pride in the home while healthy but ultimately became too sick for the upkeep.  He often expressed to me how strongly it bothered him to see his house in such poor condition.  But he could do very little physically or financially to prevent the deteriorating while fighting his illness. Unfortunately while the home was on the market, he passed away.  He had terminal cancer.       

Along the way we met a great guy from Spring Valley who was looking to move his family out of a tiny apartment into an affordable home.  He instantly fell in love with this home's "potential" and we worked out an agreement. 



I told him that the seller had since passed away and the home-in need of glaring work- must be sold AS IS. 

SOLD FOR $175,000


He was very handy and obliged.  He told us he would obtain FHA financing.  

FHA loan requires ALL major repairs completed PRIOR to closing.  As I mentioned before, the seller's family, still in mourning, needed to sell the home AS IS. 

We had a predicament. 

As it turns out this buyer wanted the home bad enough that he was willing to do the work at his own expense PRIOR to the closing.  He said he planned on doing the work anyway so he didn't mind getting a head start.  He understood that he was fixing up someone elses house.  If the deal fell through he would be out all the improvements and expenses.   Of course, he did this against his attorney's advice. In the end, everything worked out. 

This time.

Moving forward I would hesitate on matching an FHA buyer with a seller that isn't in a position to make any corrections.

Lesson Learned.


I also learned another crucial lesson about the real estate business.  Yes we sell houses.  But I learned that sellers aren't just paying real estate fees to SELL their home.  They also pay to have someone by their side while going through a life changing experience.  Selling a home and relocating can be an overwhelming experience.  Doing this while coping with your own mortality must be even more difficult.  Sellers don't just want you to sell their home.  They want and expect someone to talk to, someone to vent to.  A home is ones largest source of security.  The want and deserve some compassion while this security is jeopardized.  

 I recently heard another Realtor, who has a lot more "experience" than me, wish out loud for their clients not to bother them with their personal issues.  If you ask me this person should probably find a new career.


Mike Truiano
Rockland County Real Estate LLC
145 Main St
Nanuet NY 10954
cell:  845-480-2366



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