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I don't think there's much wrong with it (it certainly doesn't need "rehabbing"), but that's just me... And not the FHA... What is their deal, anyway; nanny state?
If the FHA decides there must be some corrections to the home prior to being willing to loan on it, then it is really up to the seller to do the repairs.
Lets look at some facts:
1: You have found that it is difficult to even find a buyer wanting to buy the home. If you lose this buyer, you may not be able to find another one willing to pay anywhere near your price.
2: The biggest reason that a home new or old does not sell, is the Realtors and potential buyers all consider it overpriced. The alternative t o fixing the home to get it sold, may be a drastic price reduction.
You may decide it is to your best interest as a seller, to find some way to solve the deficiency problem, so the sale can close.
Otherwise it may be a long time, and a big price cut to get it actually sold and closed.
Right, but - again - I need the cooperation of the co-owner, who happens to think we've done enough already to make this work. Of course, he doesn't have to live here... I do! It's possible any repairs will have to come out of my own pocket or won't happen at all.
I don't think there's much wrong with it (it certainly doesn't need "rehabbing"), but that's just me... And not the FHA... What is their deal, anyway; nanny state?
Don't be worried at all because that's not going to help. It's an unknown, how the inspector is going to react. Why not just spruce it up the best you can and see how it plays out? At least you'll have a base line idea of what needs doing. Worrying will just make you sick.
FHA Appraisals with case numbers issued after 9/14/2015 have a lot folks concerned.
Please explain this. We had our appraisal for our buyer's FHA loan done on Wednesday and I am very nervous about it. We went to contract on 8/5 and had an inspection not even a week later and the minimal items noted on inspection have already been corrected.
However, the appraiser got out of his car and upon talking with the buyer's realtor was shaking his head because there are no "real comps". We live in a small subdivision with a less desirable zip code than the property actually is deeded to and we have the benefit of a much better school district but the appraiser is saying he must use the closest sales within a year. Well nothing in our subdivision of 58 homes has sold in a year and the next closest sales are in the same zip code but not the same school district. We had an idea that this would happen so we got our own appraisal done and he used 6 comps to arrive at his value of $495,000. We sold to the first people that looked at it for $485,000 figuring that was "safe". The buyer'so appraiser said my appraisal was irrelevant and wouldn't even look at it. The last house that sold was on my cul-de-sac and it was the same house with 1 room less. It did not have the wood floors, fireplace, central vac or full finished basement with full bath that I have. This house also sold to the first people that looked at it for the full asking price of $429,000 in November 2012. This he also says is irrelevant.
So I am wondering what will be. I really don't want to lower my price to whatever number their appraiser will come up with. They are only putting down 3.5% because they need money to furnish the house. I don't really see how that's my problem, they need to make the bank feel comfortable with the deal, not me. Should I just prepare to find another buyer with more money down and not an FHA loan? Unfortunately the buyer's realtor, and now the appraiser, know that we are having a house built in FL that will be ready the end of November. I'm really going to be pissed if the appraisal comes in lower than the sale price.
Sorry to OP to post such long rant but this an important topic to me too
1: You have found that it is difficult to even find a buyer wanting to buy the home. If you lose this buyer, you may not be able to find another one willing to pay anywhere near your price.
Not to mention, you've eliminated buyers who can only qualify for an FHA loan. From other threads, it sounds as if your home is geared toward low income buyers who, presumably, cannot save the standard down payment a conventional loan requires. So your pool has shrunk even more.
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