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Opinion
Realtor Q and A: What if the home needs repairs?
A.:One of the conundrums of the current real estate market is that many of the properties available for sale are a direct result of foreclosures and distressed sales and are sorely in need of repairs.
On the other hand, most lenders are not interested in financing a property that needs a lot of work as that puts added financial stress on the buyers and, therefore, added risk into the new loan right from the start.
Talk with your Realtor about locating programs like the FHA 203K and Streamline K, which will allow the buyer to finance a portion of the expense of needed repairs into the new loan and still be able to close on the property “as is.” It works like this:
Buyers have to submit a detailed estimate of work they plan to roll into the new loan at the time they submit their purchase and sale agreement and other pertinent information to the lender to start the loan process.
The estimate, or contract for repair, needs to be from a professional contractor, and there will be additional forms and sometimes inspections required to comply with the FHA guidelines for the program.
The lender's appraiser will prepare a report based on the “as repaired” value of the property, which typically is higher than the current value allowing for a larger loan that helps to finance the repair work.
The Streamline K allows the buyer to finance up to $35,000 in various repairs, the money for which the lender will hold in an escrow account at one and a half times the cost.
This money will be partially released right after closing to allow the contractor to buy materials and start the repairs.
The rest will be released once the work has been completed and an inspection has been performed by the lender.
The regular FHA 203K is more involved and is used where there is need for structural repairs, or significant rehab work, as opposed to just fixing the existing structure and making cosmetic repairs.
The advantage of both programs is that they allow the buyer to close prior to repairing the property.
This information has been provided by the Greater Manchester/Nashua Board of Realtors in conjunction with the New Hampshire Union Leader's Advertising Department. Readers with questions about the content, or who wish to pose a question for a column, can contact the realty board at 166 S. River Road, Bedford, NH 03110 or email: communications@gmnbr.org.
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