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Buying or Selling a Home/Wet Crawl Space and FHA Loan

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Expert: - 10/7/2009


Question
We are looking into putting an offer in on a home. My husband has 20 years in the home buikding business and when we looked at the property we noted that there was no moisture barrier put down in the crawl space at the time the house was built. Additionally, the poured concrete patios (front & Back) are graded the wrong way so water flows under the house. We noted that the trim throughout the house is warped and would need replacing after the water issues were taken care of.
Well, right as we got ready to put an offer in another couple beat us to it. We are a VA loan and they are FHA. Not to jinx anyone else, but what are the chances the FHA appraisal or the home ispection note of the water issues will kill their sale? It is a bank owned property and they will not do any repairs.

Answer
Hi Mary Jo,

Hard to say... if the FHA appraiser sees what you see there is a change it could kill the deal... of course the seller could remedy (not likely) or the bueyr could do an FHA 203K (not likely the bank will want to wait that out) ... my advise is to get your offer in as a back up (in writing) to the current offer... typically if that buyer did an FHA offer that is the only way they are able to buy a home... you stand a good chance of scooping in ... remember a property is only available until it is gone!

Good luck!

Buying or Selling a Home

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Connie Wildasinn-Broker,GRI,RealtorŪ

Expertise

Broker,GRI,RealtorŪ, Investor since 1979. Buying or Selling Residential and Income/Investment Properties, How to understand the process, how to negotiate through the transaction, What to Look for - But more importantly 'What to lookout for!', How to tell if the time is right - or hold on and wait. Why not to listen to your friends and even your family members, Who really has your best interest at heart?. Understand why any market is a good market and how to spot a good investment for you! If you are looking in California.. check out my website www.MetroCalBrokers.com and if you need assistance in a neighborhood I don't service, I will locate a local agent to that area who actually knows their profession and can assist you in your needs!

Experience

4th generation Realtor in the real estate business, I have helped for over 2 decades clients buy and sell, I am the owner of a local brokerage in the Los Angeles /Long Beach area, and have been a top producing agent in the area since I became licensed. Working through a deal is different to every client, no two people or deals are exactly the same. Knowing how to bring professional advise to the table with clear and concise understanding of real estate world. I can help you handle your buying, selling and investing, managing a 1031 Exchange, working with Equity Sales, Probate, Pre-Foreclosure Regular and Short Sales there is little that I have not seen come across my desk over the decades!

Organizations
NAR, CAR, WCR, ABR, e-Pro, GRI, BKBIA, CHNA,SSG

Publications
Broker Agent Magazine Long Beach Business Journal Long Beach Press Telegram Signal Hill Tribune Grunion Gazette All Experts Zillow - Lead Agent - Advise Expert Truila - Advise Expert

Education/Credentials
Broker-owner, RealtorŪ, GRI,e-Pro, SSG-Short Sale Certified

Awards and Honors
Managing Broker for MetroCal Brokers. We merged my old brokerage with MetroCal this year, and we look forward to expansion and growth moving forward. We currently employ 30 Realtors and growing. 15 years running top selling agent in Long Beach, South Bay area California. Top Producer 5 years straight Re/Max, C21, Realtyworld.

Past/Present Clients
upon request = or check out our website www.MetroCalBrokers.com and check the Testimonials section!

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