Working with an experienced Buyer's Agent is worth it's weight in gold. Not only are Buyer Agent services free to a Buyer, their professional services can save a buyer time and money by helping to avoid costly buying mistakes.
Last week, our office began searching for a first-time home buyer in Dallas, TX. This Client plans to use FHA financing, and is both pre-approved and eager to find her perfect home match.
FHA is more stringent than other loan types
when it comes to qualifying property condition.
The home pictured below was advertised by a local listing broker as being compatible with FHA financing types, and the listing photos used in the MLS were carefully angled to exclude visibility of the power lines running along the adjacent street. Our Buyer selected it from her search matches and requested a showing.
Before showing, we vetted the listing by previewing aerial and street-view imagery. Experience told us the pole might be an issue, so we sent screen shots of the street view out to our Buyer's lender, as well as several other our preferred lender partners, for consultation and opinions.
The jury was out. FHA underwriting requirements carefully guard purchasers against safety and nuisance hazards, to protect both Buyer and property values. The street view didn't provide us with enough perspective to assess what might be called out by and FHA appraiser.
While the property was adorable, our showing gave us the opportunity to snap a photo from the back yard, to better illustrate the actual proximity to the utility pole.
Physically, the pole was not "on the subject property", but it was easy to see that if it were to fall, the proximity did indeed potentially pose a safety risk to the structure & occupants.
The verdict: this home was not going to be the FHA-friendly property we hoped it might be.
Hindsight is 20/20
Anticipating roadblocks and potential threats is one of the many gifts a seasoned Buyer's Agent brings to their clients.
One of the worst buying experiences a home buyer can encounter is to set their hearts and minds on a particular property, navigate through getting a home under contract, spend hundreds on inspections, pay for an appraisal, and THEN learn that a property won't qualify for their selected financing type. Not on our watch, folks!
Need help finding your perfect home match in the Dallas / Fort Worth area? Our seasoned Buyer's Agents at Providence Group Realty are strategically positioned around the Metroplex to serve with local market expertise. Call us at 469.645.6363 and let us help you find your dream home today!