|
Home
appraisal
inspections
on
FHA
and
VA
loans
are
a
little
more
detailed
than
on
conventional
loans
(and
more
expensive).
The
appraisers
are
required
to
perform
certain
minimum
inspections
as
well
as
evaluate
the
market
value
of
the
property.
Although
these
inspections
are
not
as
detailed
as
a
professional
home
inspection
and
should
not
be
considered
a
substitute,
sometimes
repairs
are
required.
These
are
additional
costs
the
seller
would
not
be
obligated
to
pay
for
someone
obtaining
conventional
financing,
so
your
offer
should
include
a
maximum
figure
for
these
repairs.
Otherwise
the
seller
is
signing
the
equivalent
of
a
blank
check,
and
they
do
not
want
to
do
that.
At
the
same
time,
whatever
figure
you
put
in
will
most
likely
affect
the
seller’s
willingness
to
negotiate
on
price.
If
you
put
$500
as
an
estimate,
the
seller
may
be
$500
less
negotiable
on
their
price.
If
no
repairs
are
required,
you
may
have
been
able
to
get
the
house
for
$500
less
than
what
you
and
the
seller
agreed
on
as
the
price.
The
solution
is
to
add
a
clause
to
your
offer
that
goes
something
like
this.
"If
required
repairs
cost
less
than
the
maximum
amount
allowed,
the
excess
will
be
credited
toward
buyer’s
closing
costs." |
