Yesterday I recieved an offer on one of my listings. My seller is a real estate investor who just bought the property in September. They bought it as a bank owned fixer-upper.
It took some good money and some paid and unpaid labor to not only make this property livable, but also make the home desireable.
I've had this home on the market since Oct 10.
Here's what could go wrong:
This morning I started on the contract and it hit me.. this is a VA loan..there could be a 90 day seasoning issue on ownership. (This means the property hasn't been owned by the same homeowners long enough)
Long story longer.. I did my research and learned that a the VA doesnt' use this 90 ownership rule...However, underwriters could require this rule.
Also, I did learn that FHA requires 90 day+++ property ownership
If you are a buyers agent, research the property ownership prior to writing an offer.
If you are a sellers agent who has listings that are lower priced, remember that the most likely buyer would be an FHA or VA first time home buyer. Advise your sellers to enlist a home inspector prior to listing with you.
Your sellers should address all saftey issues, insect issues, mechanicals in good working order, structural, mold or potential mold problems and more.
(I found myself fixing a floor 3 weeks ago, because the bank deemed it a trip hazard!)
Tell your sellers that it may take awhile to sell the property, get it under agreement, but the hardest part of what Realtors do is keeping and holding it all together.
Every transaction has its issues. Our job is to "bulletproof" the deal as best as we can.
Just wanted to share this with both professionals and potential buyers and sellers... Just want to encourage you all to think things through before a contract is written.
Thank you for viewing my blog
Lori Lincoln, Keller Williams Realty
Lori and her team sell homes in Taunton, Rehoboth, Swansea, Seekonk and surrounding cities and towns.