Will we be approved for a USDA loan if driveway's retaining wall is crumbling (does not affect structural elements of condo)?

Asked by leighnelson, Gardner, MA Fri May 17, 2013

We have had an offer accepted on a condo and have had an inspection recently done. The major issue that came back on the inspection is a retaining wall that is visibly falling apart (wooden railroad ties) that supports the driveway. The structural aspects of the property are not affected. Our question is whether or not we will be approved for a USDA loan with this in mind?

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7
Jim Driscoll, , Lynnfield, MA
Sun May 19, 2013
BEST ANSWER
I just spoke to an underwriter. It does not seem like USDA would have an issue with this unless the appraiser noted it to be an issue in the appraisal. Call me if you need further assistance at 617-529-9007
1 vote
I apologize for the million responses! My computer was ignoring me (or so I thought)!
Flag Mon May 20, 2013
Thank you for your response. It now looks like we will be obtaining a conventional loan, due to the USDA loan process being backed up a few weeks (in Colorado) and our seller does not want to extend the closing date!
Flag Mon May 20, 2013
Thank you for your response. It now looks like we will be obtaining a conventional loan, due to the USDA loan process being backed up a few weeks (in Colorado) and our seller does not want to extend the closing date!
Flag Mon May 20, 2013
Thank you for your response. It now looks like we will be obtaining a conventional loan, due to the USDA loan process being backed up a few weeks (in Colorado) and our seller does not want to extend the closing date!
Flag Mon May 20, 2013
Thank you for your response. It now looks like we will be obtaining a conventional loan, due to the USDA loan process being backed up a few weeks (in Colorado) and our seller does not want to extend the closing date!
Flag Mon May 20, 2013
Thank you for your response. It now looks like we will be obtaining a conventional loan, due to the USDA loan process being backed up a few weeks (in Colorado) and our seller does not want to extend the closing date!
Flag Mon May 20, 2013
Karissa, , Templeton, MA
Mon May 20, 2013
This is a great question. And no I am not aware of a problem as long as it does not affect the structural integrity of the property you are looking to mortgage.

Would you mind if I could use this question in my weekly Real Estate Column in The Gardner News?
1 vote
Thank you - sure, feel free to use it!
Flag Mon May 20, 2013
Kevin Vitali, Agent, Tewksbury, MA
Sat May 18, 2013
This should not be a problem to my knowledge. The best thing to do is talk to your mortgage banker.
1 vote
Thank you for your response. We have been in touch with our lender but they seem to think this is a "gray" area.
Flag Sat May 18, 2013
Tim Urban, Agent, Littleton, CO
Thu Feb 19, 2015
Like everyone has said...speak to your lender. I know when I work with FHA clients, the inspection is thorough and usually surprising what they get stuck up on. For example, similar situation...we had a contract on a house with cracks (minor) in the sidewalk and we had to object and make the seller fix them prior to loan approval. Good Luck!!
0 votes
Al Roppolo, Agent, Hingham, MA
Fri Feb 6, 2015
best thing to do is talk to your mortgage person
0 votes
Jackson Will…, Home Buyer, Provo, UT
Thu Feb 5, 2015
Considering the fact that it doesn't really effect the structure of the condo, I don't think this would be an issue. It definitely could cause problems though. You should talk to a real estate agent or a loan broker about what has happened with similar situations. Once you have that information, you should be able to decide what to do to figure this out. You may have to repair the damage, you may have to remove it. Either way, you'll want to get it figured out if it's going to affect your loan.
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0 votes
Heath Coker, Agent, Falmouth, MA
Fri May 24, 2013
I would contact a local lending professional to help with this answer.
There is not enough detail in your question.

I know this guy can be helpful: rtranchell@totalmortgage.com
Bob Tranchell Total Mortgage Services LLC (508) 367-5731 cell


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