Home Buying in Walnut>Question Details

C Rollins, Home Buyer in 94597

Does the CalSTRS home loan require a section 1 clearance?

Asked by C Rollins, 94597 Sun Aug 7, 2011

I am asking in regards to a short sale. I am the buyer.

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Answers

1
CasSTRS underwrites to FNMA guidelines.
If your contract calls for Section 1 clearance, then it will be required.
If your contract states that the termite report is for informational purposes only and that you are taking the property "as is", then a clearance will not be required.

However, should the appraiser call the item in question, then that item will need to be addressed and corrected.
2 votes Thank Flag Link Mon Aug 8, 2011
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