This information is intended to explain to home buyers & Real Estate Agents all the possible solutions for appraisal required repairs. Every ones situation is different so don’t hesitate to call and run the scenario buy us. Most of the time we can find a way to make it work and get the transaction closed. There shouldn’t be any transaction that fall’s apart because the lender cant accommodate the repair situation. So, lets address our options on these homes deemed un-financeable by other agents and lenders.
This is the preferred option because it typically costs the buyer little to no money, repairs are done prior to closing, and the property is re-inspected prior to closing. For bank owned homes (foreclosures) often the bank will not do any work to the property. It can’t hurt to ask, however if the bank will not complete the repairs there are other options.
With this option repairs are done after closing. Here’s how it works: More Details
With a renovation loan you can finance in both the appraiser required repairs and may other things you want to do to the home.
Many home buyers have been facing a very challenging market over the past few years. The current supply of homes on the market just can’t keep up with the huge demand out there. It’s not uncommon for a home to come on the market and be sold in a matter of days after receiving multiple offers. With this fierce competition, prices have increased substantially over the last few years and has made it challenging for home buyers to find a home within the budget/payment they had planned for. Many go over budget to get the home they want only to have another blow to that budget the following year due to the property tax increase. This increase on the property tax portion of the mortgage payment can really hurt home owners enough to create a financial strain.Visit Jeremy's Blog