Mar
13
Homes On The Market And The FHA
Filed Under Real Estate | 1 Comment
It is a buyer’s market. And I am a Realtor with an FHA qualified buyer who is looking to buy a piece of Chandler real estate. You would think that I would have a pretty easy job considering the number of houses on the market right now wouldn’t you? Well it is not as easy as you might think!
First of all, the majority of these homes are in a short sale situation. This means that the banks own them and they are selling the homes in an “as is” condition. Almost all of these homes have at least one issue that will prevent FHA approval without being repaired. The banks also usually refuse to turn on the utilities during the escrow period. FHA won’t get through underwriting if that is the case.
Then there are the homes that were bought by investors on the court house steps after a foreclosure. They are trying to turn around and sell these homes at a great price. But unless the owner has owned the home for 90 days or more, FHA will not allow it to be purchased! They consider the home not to be seasoned. So even though I have a preapproved buyer and there are a ton of homes on the market, there really are not very many to choose from.
