Skip to main content

USDA Direct repair requirements?

Hoping someone can help with this. My wife and I made an offer on a house a couple of weeks ago, they countered and we accepted. We signed a purchase agreement... Last week, we had the house inspected. There are some electrical repairs required to be brought up to code, the roof has a leak and it's about at the end of its life. The sellers are excited for us to have the house and are willing to work with us and possibly have the roof replaced themselves. That was our biggest concern.. Then we forwarded the inspection report to our loan officer. They sent back tons of things as "required" repairs.. Some of which are ridiculous. • The height of the chimney is too short if we ever intend to burn wood in the fireplace (we don't-it has a fully functional gas fireplace which is what we would use.) • The railing around the patio spaces, the decks, etc., are spaced too far apart or are too short. (Only a true hazard for small children-don't know any, never plan to have our own. Might be able to get around this though? With chicken wire or something placed behind the railing?) • The windows are not 5.7sqft. "Don't meet egress requirements." This would literally require replacing the windows?? Is that going to be truly necessary?? This is now our main concern. They aren't even very old and we are both relatively small people who would have no issue getting out of them in an emergency, which I assume is the potential issue. The sellers may be willing to replace the roof and these little things are going to be the reason we have to walk away from this house that we fell in love with. We emailed our loan officer to better explain and ask if all of these things are 100% necessary, but have yet to receive a response. Should we hold out any hope?

submitted by /u/5thGenLegacy
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/10ihikn/usda_direct_repair_requirements/

Comments

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...