VA and FHA Appraisals
Home appraisal inspections
on FHA and VA loans are a little more detailed than on conventional loans (and
more expensive). The appraisers are required to perform certain minimum
inspections as well as evaluate the market value of the property. Although
these inspections are not as detailed as a professional home inspection and
should not be considered a substitute, sometimes repairs are required.
These are additional costs
the seller would not be obligated to pay for someone obtaining conventional
financing, so your offer should include a maximum figure for these repairs.
Otherwise the seller is signing the equivalent of a blank check, and they do
not want to do that. Call Dale or Cathy for a Southern Pines horse farm for sale.
At the same time, whatever
figure you put in will most likely affect the seller’s willingness to negotiate
on price. If you put $500 as an estimate, the seller may be $500 less
negotiable on their price. If no repairs are required, you may have been able
to get the house for $500 less than what you and the seller agreed on as the
price. The solution is to add a clause to your offer that goes something like
this. "If required repairs cost less than the maximum amount allowed, the
excess will be credited toward buyer’s closing costs."
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Please visit our other area
Real Estate websites:
Pinehurst Homes For Sale
NC Horse Farms
Pinehurst NC Real Estate
Fort Bragg Real Estate
Pinehurst Real Estate