Want To Be Able To Sell To Just About Anyone?
In the world of mortgages, there are many types of loans available to potential buyers, and each type of loan has its own particular requirements. With a cash buyer or conventional loan, there aren’t many restrictions that would impede the purchase of a property. But with FHA and VA buyers, there are several unique requirements that must be met before the lender will approve the loan. As the seller, you have no way of knowing what type of financing a buyer will be seeking. Your real estate agent can look over your property and tell you what type of financing it will qualify for; the more types of financing your property qualifies for, the more buyers you can appeal to and the faster you can get it sold. To reach the most potential buyers, your property must meet the requirements for many types of financing. If you want your house to be able to be sold to FHA & VA buyers (not just cash or conventional loan buyers), these things must be addressed:
• Any peeling paint needs to be scraped and painted.
• Rotted wood needs to be replaced (most often on the soffits and window sills).
• Broken or cracked windows must be fixed.
• Windows need to be able to go up and down (not sealed shut).
• There must be at least 2 years life left on the roof. If in doubt, have a roofing expert give it a check.
• Appliances need to be working. If they do not work, they need to be removed, but not necessarily replaced.
• Electricity and plumbing must be in working order.
• Hand rails need to be in place and any steps or stairs leading up to the house from the outside must be in good repair.
• Any mold needs to be treated.
• Properties with well water must have the water tested for bacteria. This test will usually be performed by the buyer when they have the home inspection, but if you are in doubt, have it tested. The test costs about $75.
• All VA buyers will need a termite letter and the termite inspection must be paid for by the seller.
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