I'm sorry to hear about the crack in your retaining wall. It's surprising how much goes into selling a house. My husband and I installed a retaining wall around the flowerbeds at the edge of our property three years ago. So far, there are no cracks in it, and I'm hoping that none will!
Amelia Gillian | http://www.distinctive-landscape.com/retainingwalls/retaining-walls.htm... more
A 203K loan seems appropriate but this is also credit driven and requires a credit score higher than the typical FHA loan. You must seek out a knowledgeable mortgage officer to assist you. In my area Wells Fargo has been very efficient and effective in securing these loans for my sellers. If you would like additional information please contact me, I would be most happy to direct you to a lender who can assist you.... more
Hi you are not alone unfortunately, I do not know where your intended home is located but it may be that your home is located within a declining market area. We have seen this impact. First I would sugges that you speak to your lender and as you have paid for this appraisal request a copy- once you have the information on the comparisons which were compiled then do your own homework with the assistance of your Realtor or real estate agent you are employing to represent you in this transaction. A knowledgeable agent will be able to determine if there were other circumstances which diminished your property value which the lender may take into consideration. I am told that when it comes to FHA property appraisals that the appraisal follows the property and is assigned a case number so no use trying to locate another lender, they will see the information so if you are still interested in the property and the seller is not willing to renegotiate to the appraised value then it is best to try and resolve this appraisal by providing accurate information. Unfortunately a number of appraisals are being conducted by appraisers who are appropriate in their own markets not the market where the appraisal is being conducted. Do not be fearful to work with your agent/Realtor and determine the validity of the comps used in this transaction and determine if they are using a factor if the property is located in a decreasing market.
Should you have any other questions I would be most happy to assist you or your Realtor.
You can reach me at my corporate email address of MaryBeth@TradeWindsRealtyGroup.com... more
I agree with the other agents - hold firm! This is especially true if the home has been on the market for awhile. Are you working with an agent? Is this a FSBO?
Write up a list of ALL the home inspection "issues" this home had and emphasize that you are "only" asking for a $1500 credit towards a new roof.
And if there is a listing agent, she/he does not want this deal to fall through and neither should the seller. If the deal falls through, the home inspections issues have to be disclosed to future potential buyers at showings.
AND, listen to Scott - they should fix it or credit you at closing. And, watch the time period for responses.