The never-ending saga of my first year in real estate: So I have a few more clients now, but most of them are in the lower-priced, need-seller-concessions, first-time buyer, FHA bracket. These folks are great to work with, they are all energetic and highly motivated, but a little unaware of the process - that's wehre I come in, I tell them! Wheee, what fun - let's see, we are looking for homes under a certain price range and I'm telling you, there are lots of homes out there - some worth looking at, but most of them are big-time fixers.
I guess my dilemma is this: I have (fairly) qualified, realistic and willing buyers that are totally OK with working on some of these fixers (the ones that simply need paint and flooring - maybe a few cabinets and yard work), but we're really talking about very minor, cosmetic repairs, but the wall we're hitting is the majority of these homes are pre-1978 and do indeed have peeling, cracking paint in some instances. So...you now the story on that one - FHA says no-way! It is highly frustrating when FHA seems to be quite unrealistic about what they will approve. Oh, another thing - most of these fixer homes are owned by banks, trusts, or real estate holding companies who are totally unwilling to do anything in the way of repairs. Their claim is that the "condition is reflected in the price" There are homes in the outlying areas of Eugene that are within the buyers' price ranges that would probably pass FHA-muster, but with the continuously escalating price of gas, these homes are not as cheap as they seem.
Any ideas, or techniques that you-all have used?
Comments(3)