David Saks: Real Estate Practice : Lesson 3697

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

Real Estate Practice : Lesson 3697

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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?




David Saks



Time&Temp Memphis

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Comment balloon 2 commentsDavid Saks • September 22 2014 02:08AM

Comments

David, Your example of the handrail repair for an FHA loan is the perfect example and flaking paint is another great one.

Posted by Sam Miller, Knox County Ohio Real Estate Specialist (RE/MAX Stars Realty) over 5 years ago

I've seen ADA enforcement prior to loans being finalized on several occasions, Sam. Usually it's on older properties with functional obsolescence, devolution or degeneration.

Posted by David Saks ((retired)) over 5 years ago

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