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RoadToHomeowner

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  1. Thank you. I did think of that & plan to have them cleaned also although they were not included in the estimate they gave us at the initial showing. We finally got all the terms of the contract negotiated just waiting on the sellers signature. They are getting the house un-winterized then we 'll be ready to get the inspection & more estimates on the mold remediation.
  2. They have no money to pay for anything before closing. The heir is in the hospital & her husband is trying to handle everything. We are getting a inspection & another mold inspection and going from there. They accepted our offer of almost $100,000 less then originally listed for 4 months ago. They have to get this sold ASAP & we are willing to take the risk if there's nothing else major with the house. It's gonna be a long stressful journey but if we can make it work it'll be worth it.
  3. So we got a counter offer. It states "the sellers will issue a credit of $5000 payable at closing for the mold remediation" But if we pay for the mold before closing, they can not give us cash at closing for it correct??
  4. Basically, tried to explain to them that just because we are going with USDA financing, the process on their ends are the same as if we used FHA or even conventional financing. Any buying getting any type of loan will have the same requirements as far as repairs are concerned. The mold has to be fixed prior to close with any loan except possibly a rehab loan. Any other repairs required by the lender will be the same if we or another buyer uses USDA, FHA or conventional. The realtors should at least know the repair requirements will be the same for any type of non rehab financing. But they seem to think that since we are going usda, it will be different. I just hope they move on with the negotiating and leave the financing issues up to me like I asked.
  5. They stated "prior to close" but no other repairs required by the lender. That's why there's question about why the didn't just fix it then list the house "mold free"
  6. Thanks Brian. I'm still not sure why the mold issue hasn't been fixed either. We thought they didn't have the funds but them the listing agent said yesterday that the seller agrees to pay for mold remediation but the will not pay for any other repairs required by the lender. I guess time will tell. It's gonna be even more stressful then I thought.
  7. I'm also concerned that the selling agent will give the sellers the wrong info about USda financing & talk them into not accepting our offer because of her lack of knowledge. If she feels it's gonna be more hoops to jump through then any other financing, the sellers may think she knows what she's talking about and agree with her opinion.
  8. So we finally put in our offer on the home with a mold issue & is a probate sale. We are going USDA guaranteed financing. The selling realtor sent a email to our realtor asking if USDA will require any cited repairs found on the inspection to be fixed prior to closing. The seller is willing to pay for the mold remediation but no other repairs. The property disclosure stated there were no other defects known. I explained that our lender is not requiring a inspection. We are getting the inspection for our knowledge. But we need a signed contact first to move on to the inspection. If the appraiser notes any repairs required before closing then yes, these may need fixed but we can also do a repair escrow on certain items if needed. The whole thing has me annoyed. Seems like both realtors feel like since we are going through usda, we can afford repairs etc. I explained we are not doing USDa direct & our lender said no inspection is required. I'm just amazed that they have no knowledge of the different loan products and they are viewing our financing like it will be a more strict and lengthy process then of we went FhA etc I told them to proceed with the contact & let me handle our financing. We need to get step one completed before step 2!
  9. Yes. The limit is about 95k for a family of 5 & we make about 80k a year together. Mine alone is 42k hourly employee plus bonuses & commission. I made 48k in 2013 & 44k in 2012. My DH also gets mileage reimbursement every month of $800-$1000 but we don't file it on our taxes & that's not included in the 80k for the household. But he deposits most of the mileage check in our savings. I know they may require explanation for those deposits so we have all the stubs but do you think they will want to include the mileage as income in regards to staying under the household income limits for usda? We should still be ok if they do but I was just curious.
  10. Thank you Brian! Your explanation is vey help full and comforting. Now that we know it is possible, we will be getting our preapproval so we can start negotiating. I will keep everyone posted!
  11. Thanks for the link Tim. I referred back to that same document when I saw the info I had ran across stating 680 score & noticed the date on the bottom is 7/09 so I was worried that info was old and there was some new updated guidelines of 680. So glad 660 is still in effect. My middle score is 676 so hopefully I'll be fine. DH's score are still lingering around 600 plus he had student loan lates that won't be 24 mos until September. That's why I was wondering about the front end DTI. I'll need 32% front end to qualify for 200k on my own. No other debt except 1 credit card that reports around $10-$20 a month balance. I have 2 automatic payment charged to that account and 1 always sneaks in a charge right when the statement cuts. Anyways, my back end DTI will be very close to the front end. All my other cards have no balance, pay of full every month. No auto loans or student loans.
  12. The seller did disclose the mold. The mold is visible on the drywall around the entrance of the crawl space which is in the garage. The estimate that we were given states -remove drywall to entrance to crawl space -clean & disinfect the drywall in the garage -clean & disinfect the floor joists & decking in the crawl space -remove contaminated debris in the crawlspace -disinfect the carpets and all hard surfaces on the main living areas -apply a surface shield at the remediated areas No known cause of the mold other then being empty with no heat or a/c from 2 years The appraiser will defiantly see the mold. The seller has no money to pay for anything prior to close. They are willing to some type of allowance at closing for the mold remediation. All of your advise is greatly appreciated.
  13. Well that was our concern, paying for work right at the end then the buyer backing out. Both our realtor & the selling agent said if it agreed upon in the contact then they can't decide to change the price or decide to sell to someone else for a higher price but I needed someone else's opinion. We wouldn't pay for anything til we got through underwriting etc. Thanks again for you help Brian
  14. There's a house we are interested in that has some mold in the crawl space. The house has been empty for a couple years and is part of an estate. The selling agent provided a estimate they got for $4800. The sellers can not have the remediation done prior to closing. The only option I have been able to find is doing a FHA 203k loan. Is there anyway to have the contract written stating we will pay to have the mold remediated prior to closing, in order to pass final inspection? If so, how can we be sure the sellers can't back out of the contract after we pay $4800 to fix the mold and sell it to someone else for a high price? Since the home is part of a estate, the courts have to approve the offer. But when we looked at the house for the 1st time in November, the deceased daughter was selling the house. Now for some reason the courts are involved. Neither agent had any more details on why an attorney and the courts now have control. Anyways, they dropped the house from $250k to $200k. The house is defiantly worth 250k with no mold. We have the money to pay for the mold remediation & want to go through USDA guaranteed loan so we won't need a down payment. Any experiences or advise is appreciated!
  15. Thank you both for your help. Is it 660 or 680? Most of the research I've done for GuS approval and dti waivers state 660 or higher but I did run across something that stated 680 but I didn't bookmark it & I can't find it now.

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