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Bus: 412-287-6942
9600 Perry Highway
Pittsburgh , PA 15237
Marilyn Love, ABR, SRES
Pittsburgh Real Estate Agent
Allegheny County Real Estate Agent
Butler County Real Estate Agent
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Check out some of our feature listings with this Pittsburgh Real Estate Agent! |
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VA and FHA Appraisals
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Appraisal inspections on FHA and VA loans are more detailed and expensive than on conventional loans. 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 repairs represent additional costs the seller would not be obligated to pay for someone obtaining conventional financing; therefore, so your offer should include a maximum figure for these repairs. Otherwise, the seller is signing the equivalent of a blank check.
At the same time, whatever figure you propose will most likely affect the seller's willingness to negotiate on price. If you set $1000 as an estimate, the seller may be $1000 less negotiable on their price. If no repairs are required, you may have been able to get the house for $1000 less than what you and the seller agreed on as the price. The solution is to add a clause to your offer, such as the following: "If required repairs cost less than the maximum amount allowed, the excess will be credited toward buyer's closing costs." |
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Search the MLS for Pittsburgh area! |
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