 Posted 3/5/2007 9:21:03 PM
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| We have a young couple interested in our house to the point they want to make an offer. However they want to go FHA. The house was built in 1916, has original windows, mechanical systems are ok but probably not up to FHA regs. We cannot afford any repair/improvements, house is being sold as-is. My question is are we legally allowed to refuse dealing w/ a FHA loan? If we are given an offer and accept it, are we also accepting any financial obligations in the way of required repairs (found thru the inspector)? Or can we accept an offer, let the inspection go on and then not make any costly repairs? That seems unfair to the potential buyers not to mention a waste of time and money, esp. knowing the house wouldn't pass inspection. I have looked online and found a list of some FHA regs. We have a cellar (no ventilation or vapor barrier). The house is very livable and safe but it is 90 years old, nothing we can do to change that. Help!
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Posted 3/7/2007 3:35:24 PM
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Dear Seller:
If you're sure your 90 year old house won't meet FHA standards, then I don't see the point of agreeing to an offer with an FHA financing contingency. You're just wasting everyone's time. I would be up front with the buyers and let them know they should secure other financing. Today, there are all sorts of loans available some of which are superior to what FHA offers.
With very old property, such as yours, sometimes it's worth your while to locate a lender in advance who will handle financing. That way when a viable buyer comes by, you can be ready to make the deal.
Good luck!
Bob Irwin
Author, "For Sale by Owner Kit"
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