Home Buying in Yucaipa>Question Details

Heather Macp…, Home Buyer in Yucaipa, CA

Should I buy a house at second Appraisal value and waved termite repairs?

Asked by Heather Macphetridge, Yucaipa, CA Thu Oct 25, 2012

The purchase agreement is 11,000 over asking And included all section 1 repairs done by seller. $900 later in inspections and appraisal The second appraisal came in $13,000 less than the first. Seller is willing to come down to second appraisal value if we waive $5000 in termite repairs.

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Heather one of the things that you'll have to take into consideration is that if your loan is going to require termite then you would be responsible for those repairs. FHA loans typically will require that the work be done if the buyers originally requested termite to be completed. You may have more wiggle room when it comes to a conventional loan.

If two appraisals were done this is most likley a flip transaction and that might require that the termite repair work be completed regardless depending on your lender's guidelines.

I'd be happy to look at your transaction in detail and give you some suggestions. I'm local here in Yucaipa and would do this for no charge. Feel free to call, email or even stop by and I'll see what your options are.

Kevin Gregory
General Manager / Sr. Loan Officer
Valley View Mortgage, Inc.

32829 Yucaipa Blvd.
Yucaipa Ca, 92399
1 vote Thank Flag Link Thu Oct 25, 2012
Heather, if termite was requested on the RPA, your lender may require section 1 clearance.
This assumes you are obtaining finance of course. If your paying cash, it's simply a business decision.

Jory Blake
Web Reference: Http://www.JoryBlake.com
0 votes Thank Flag Link Thu Oct 25, 2012
Lender said I could simply waive termite and take home as is. Wondering if purchasing the home at the second appraisal price with repairs needing done is a smart business transaction.
Flag Thu Oct 25, 2012
Without knowing all the details it would be hard to advise you. What does your agent think about it. Has your agent given you any advise? Why was there a second appraisal done?

It looks like the seller is trying to be fair but I don't know enough to tell you whether or not this is a good deal. Do you have $5000 to spend on repairs?

Wish you the best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
0 votes Thank Flag Link Thu Oct 25, 2012
My agent advises it's a good deal. The second appraisal was done because It is a flip property and selling 20% over Their purchase price. I have the money to do the repairs but Not sure if It's a bad deal because of the second appraisal Being lower than the first.
Flag Thu Oct 25, 2012
Best to engage a local Real Estate Broker right away by clicking "Find a Pro" in green menu bar above. http://www.naplesrealestateguys.com/
0 votes Thank Flag Link Thu Oct 25, 2012
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