Posts

Repairs Prior to Close or Prior to Owning the House

Appraisers often call out condition, health and safety, or repair issues that need to be addressed prior to close. Examples include missing floor coverings or water-heater straps, or peeling paint. If the repairs are minor, there is usually not a problem. Significant repairs present problems, however, because sellers often are unable to do them (REOs, […]Read More

“Save This Deal, JVM!” Appraisers Can’t Ignore Glaring Issues

We got an email from a Realtor that said: “Save this Deal, JVM.” I point that out b/c we get similar emails every week b/c rookie loan officers at other lenders miss deal killing issues. But alas, we were not able to save this particular deal b/c the repair issue was too obvious. Good appraisers […]Read More

Missing Floor Coverings & Issues In Foreclosed Property

We have a borrower trying to buy a foreclosure with condition issues that include missing floor coverings, missing cabinet doors, and a missing stove. Whether or not repairs have to be made prior to close has to do with: (1) are the issues “health and safety” related; and (2) is a “built in” item missing. […]Read More