David Saks: August 2008

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

23 Procedures For Buying A New Home : #22 Required Repairs


Repairs are an issue that not only have to meet the satisfaction of both the buyer in the seller during the negotiation process, but, in some cases, the repairs may also be required by the lender.

An example of a lender required repair is an FHA loan that might require a guard rail on the front porch stairs to make the front of the home accessible and meet the requirements of the Americans With Disabilities Act. A loan could be denied if these requirements aren't satisfied.

Review your documents carefully to determine what is actually required before you go the closing table. Insure that repair requirements are satisfied and that the buyer and seller have met their obligations as well in this department. It might also be a reflection of the quality of the home that the buyer is actually about to take possession of, in addition to insuring it's quality for the lender, as well.

What else can you think of when it comes to repairs?

Next: The Closing

David Saks

Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • August 13 2008 01:24AM
23 Procedures For Buying A New Home : #22 Required Repairs
Repairs are an issue that not only have to meet the satisfaction of both the buyer in the seller during the negotiation process, but, in some cases, the repairs may also be required by the lender. An… more
23 Procedures For Buying A New Home : #21 Scheduling and Performing…
It's time to establish value. The lender wants to know if the house the buyer is signing for is actually worth the dough that their about to lay on the line. That's why the lender wants an appraisal. And the lender… more
23 Procedures For Buying A New Home : #20 The Home Inspection
The Buyer Orders A Home Inspection The buyer or buyer's real estate agent is responsible for ordering a home inspection report, if they decide to have one performed. A home inspection usually… more
23 Procedures For Buying A New Home : #19 Appraisal Ordered
The Appraisal Is Ordered The mortgage company will order the appraisal after the buyer has been approved for the loan. The buyer has to pay for the appraisal. T he smart buyer will ask the… more
23 Procedures For Buying A New Home : #18 Delivering the Contracts
It's time to insure that all parties have all of the contracts and the information associated with them to begin the closing of the real estate transaction. When the Offer to Purchase Contract is accepted… more
23 Procedures For Buying A New Home : #17 The Earnest Money
It's time to get serious The earnest money. The money deposited by a buyer, which is given to the listing agent, demonstrates the buyer's serious intentions to proceed with the purchase… more
23 Procedures For Buying A New Home : #16 Written Contract Delivered…
This is what the contract may include: 1. The terms of the sale and the sale price 2 Any legal descriptions required to accurately portray the characteristics of the land 3. A statement… more
23 Procedures For Buying A New Home : #15 Offer Accepted - Contract…
Once the offer has finally been accepted and the aspirin bottle emptied, a promise is made by the offeree to become liable to the conditions and terms made by the offeror. This acceptance of the offer must… more
23 Procedures For Buying A New Home : #14 Buyer Accepts of Counters
Pretty self explanatory at this stage. We don't want to get stuck in a turnstile, but, if the home means that much, the buyer's going to put the wheels in motion and fire back with another offer, rejecting the seller's… more
23 Procedures For Buying A New Home : #13 Buyer's Agent Discusses the…
There are so many things can we can talk about here but promptly discussing the counteroffer with the buyer is where we begin. The numbers have to be reviewed in a realistic manner fairly… more