Posts Tagged ‘paint’

Should our Agent pay for the repairs?

Monday, June 22nd, 2009

My wife and I are purchasing a home and financing it with an FHA insured loan. Our buying agent has told us that there are some minor things that we need to do to the house (paint the exterior walls where it is chipping, fix the electric outlet covers, place a spout on the bathtub, cap off a gas line coming out of the fireplace in the backyard) before the FHA (funding bank) Appraiser looks at the home if we want it to pass FHA standards and get the home financed. We've spent about on supplies and I am going to do the work myself this weekend but what we are wondering is if our buying agent should be paying for these repairs instead of us since we do not own the home yet?

I've heard that sometimes the agents will pay for small repairs if they know it will help the buyers get funding and meet FHA standards. Should we question her to reimburse us for the ? Or should we question her to hire someone to do the work so I don't have to?

Thanks!
The home is a bank owned Foreclosure which is why the bank will not pay for anything. It's either us OR our agent. Can we just wait to see what the funding bank's appraiser says about the home and then make the repairs prior to the closing date?

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Posted in FHA Appraisers | 1 Comment »

Use of a FHA 203k Rehab loan?

Saturday, June 13th, 2009

I am a first time home buyer in the Seattle area. I have been looking at older homes within the city but the ones that are in my price range are "Fixer-Uppers". I have been reading about the 203k rehab loan and have some questions. For these questions I have been using the following criteria: House – asking 0k, 4bd, 1 bth,1500sqft, 1200sqft unfinished basement. Will need kitchen update, flooring update, addition of another bathroom, paint in & out and basement finished. Other houses in the area (within 2 miles) that are similar in sqftage and improvements have been assessed for 0K+

Will a 203k cover these improvements?

If approved for 0K and buy at 0k; How much more can be borrowed for the rehab? What is the basis for the dollar amount for the rehab part of the loan?

What does this increased amount of $$$ do for the monthly payment, Percentage rate, closing costs/fees?

I know that I am considered a "First Time Buyer" and maybe not that well educated on this type of loan. From what I have read I am under the impression that (if approved): You buy the home with the 203k rehab, Hire a contractor to make the improvements, then go in to a livable,newly updated home. Is my head in the clouds??

Thank you for any and all input!

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Posted in FHA 203k | 1 Comment »

I just bought a HUD house and I am having problems with the inspector?

Wednesday, June 10th, 2009

So I already closed the deal, so the property is mine. I closed on the 20th of January, never the less on the 24th an inspector came to the house. I know this because he signed himself in the sign-in sheet (I didn't remove it because I didn't see a reason to do it). The problem is, I had already bought paint and things like that to make some repairs in the house and had place them inside a cabinet, and apparently he took them.
I called my Realtor and he told me that sometimes the inspectors don't get told, and go to make sure everything is ok, thinking that the house still belongs to HUD, and that they take the things that they found because sometimes people use these houses as storage units. He told they give the things back when you request them and prove that they are yours and taht he is going to contact them for me and do it for me.
My question is, has this happened to you and is it right that perhaps I can recover my things? It was over 0 in paint and materials =s

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Posted in HUD House | 1 Comment »




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