There have been a lot of changes in the FHA guidelines, and I just came across another one. Recently a listing of mine went under deposit, with the buyer going FHA.
Everything was going smoothly... maybe that should have been a signal right there. The appraisal was done, and the good news is that the property appraised. That didn't surprise me I knew it would. What did surprise me is that in order for the loan to go through, the property which has well water, needs to be connected to the city water on the street.
The buyer does NOT want city water, he has been looking for a place with well water.
Also, by doing this it would be a hardship for my client.. as well as the potential buyer.. which I just found out.
I'm hoping that the cost to have this done will be more than the 3% of the selling price. Guess what I'll be doing today? If cost is higher, and along with hardship letters, it will not have to be done.
My question is why, if the buyer WANTS well water (which has been tested and is fine) why does the government have to step in and say otherwise? Has anyone else run into this?
AS AN UPDATE... WE HAVE GOTTEN QUOTES IN ON CONNECTING THE WATER FROM THE OTHER SIDE OF THE STREET TO THE HOME. THE COST IS WELL OVER THE 3% OF THE SELLING PRICE, SO WITH A FEW MORE STEPS FROM BOTH BUYER AND SELLER, HOPEFULLY THIS WILL BE CONCLUDED.
FOR ACCURATE INFORMATION ON REAL ESTATE... CONTACT YOUR LOCAL AGENT
Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, which includes Cromwell, Rocky Hill, Berlin, Middletown, Wethersfield, Newington, as well as all other surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
For real estate.. all you need to know, is VALERIEO
If you're thinking about buying a home in Cromwell CT area, there are plenty of great buys in today's market. There is no better time than now to take advantage of these homes while interest rates remain at an all time low. For more information on Cromwell CT real estate's homes and/or condos please visit Johnson Real Estate to access the newest listings.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.883.8889 cell - ValerieOhomes4u@gmail.com
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