Home Buying in 75134>Question Details

Paula And Tr…, Home Buyer in Lancaster, TX

Recently qualified for monies through the HOYO Program, which requires owners to do all work/repairs of the property before buyer moves in. Asked by

Asked by Paula And Truman, Lancaster, TX Sun Jul 8, 2012

P Recently qualified for monies through the HOYO Program, which requires owners to do all work/repairs of the property before buyer moves in.
Asked by Paula And Truman, Lancaster, TX • Earlier today

How, when everything on the market seems Foreclosed(bank owned) or HUD as-is. Are there any/ enough Sellers willing to participate in Gov Assistance down and closing cost program???

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Guy is totally correct. The seller does not have to do any repairs regardless of your financing requirements. While most buyer's and seller's work together to keep things moving forward all repairs have to be agreed upon by all parties.

In your case there do not even appear to be any homes where you have that option. When one does come on the market you may have more ability to get the seller to make necessary repairs due to what they are competing against and a willing buyer may be harder to come by. It all depends on the market. In the Austin area we are slowly moving towards that of a seller's market where willing buyer's may not have as much ability to force a seller to make necessary repairs as there are more willing buyers on properties that are priced correctly and in generally good condition.

Best of luck to you.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
listings@dongroff.com | http://www.AustinListed.com
0 votes Thank Flag Link Mon Jul 9, 2012
One thing to keep in mind is that a buyer's loan qualifications or lack of loan qualifications can't require anything of the seller. The seller decides what offer to accept with what type of financing. I seldom accept FHA financing on my personal sales/flip homes because FHA lending guidelines require too much of my time and money, as a seller, and therefore I usually refuse to entertain FHA financed buyers. My choice, not the buyers. The type of financing you qualify for is unfortunately typical of government sponsored programs...unrealistic and too many unintended consequences.

I hope you can eventually locate a suitable property but due to the requirements placed on the selling side of the transaction under your loan guidelines, your pool of available properties will be severely limited as fewer and fewer sellers wish to be involved in the gamesmanship of these government assistance programs.
0 votes Thank Flag Link Sun Jul 8, 2012
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