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Old 10-24-2012, 04:19 PM
 
Location: Downtown Area
168 posts, read 467,883 times
Reputation: 195

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I am curious to know because my wife and I are selling a house and the buyer is requesting an FHA home loan and working with the city on the American Dream Downpayment Initiative. There are no added costs out of our pocket but there is a second inspection by the city and I am curious how rigorous it is since the house has a few problems (it's from the early 70's).
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Old 10-24-2012, 04:42 PM
 
Location: The Greater Houston Metro Area
9,053 posts, read 17,108,995 times
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I have heard that the success rate is very low. I have avoided them - but the horror stories I have heard from other Realtors indicated that very few actually close and that second inspection is BS - so it seems mainly good for a group of inspectors that would not get work otherwise. The good inspectors stay busy.
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Old 10-25-2012, 09:43 AM
 
Location: Houston area
1,408 posts, read 4,035,059 times
Reputation: 639
Not personally, but those DAP programs can be a pain. They can drag on and the buyer's usually need the help which is often times an indication of their financial buying ability. If your home is in good condition, I wouldn't worry too much about the second inspection. I'd worry more about the buyer actually getting fully approved for the assistance program. I haven't worked with American Dream, so it could be sightly different.

If you don't have other offers coming in, then you might not have much of a choice but to entertain the offer.
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