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Mike, Home Buyer in Center Valley, PA

What happens if the home I am purchasing doesnt pass the FHA inspection?

Asked by Mike, Center Valley, PA Mon Apr 30, 2012

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The seller needs to make the required repairs. If he refuses then you need to get a conventional loan or back out of the deal. Your agent should be able to negotiate the repairs since the seller will have the same problem with any other buyer who has FHA financing. Failing to make the repairs will limit his buyer pool. Better to deal with you and keep you in the deal.
Good luck.
0 votes Thank Flag Link Mon Apr 30, 2012
You can also switch to a FHA 203K rehab mortgage to get the property up to speed. If you already qualify for a 203b you will most likely qualify for the 203k.
Web Reference: http://HarpSupport.Com
0 votes Thank Flag Link Mon Apr 30, 2012
You can negotiate the repairs with the seller. Good luck!
0 votes Thank Flag Link Mon Apr 30, 2012
Hi Mike,

The quick answer is, the repairs become a negotiation between the buyer and the seller, unless previously outlined in the Agreement.. The Seller and the buyer typically work out how the work will be done!

thanks and good luck!

Cliff Lewis
0 votes Thank Flag Link Mon Apr 30, 2012
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