Frustrated.... questions about Lenders/Realtors

[Terrel L. Shields]

you know that if is a potential health issue, it doesn’t matter if it is conventional or FHA.

NON-CONFORMING is an in-house bank under AIG rules PERIOD. And those rules include providing the AS IS VALUE...even when it is new construction. There is no recourse to not providing that as is value. You might have to caveat that with a recommendation of an inspection, but you NEVER REQUIRE a subject to when the assignment is AS IS....AND non-conforming and FNMA are not the same. If you afraid of providing the "as is" value, then you need to turn down the assignment. FHA and FNMA are different. They want it subject to.

But again, the in-house lender will ask for the as is value because the agencies require it. It does not mean you don't disclose it. It does mean you go back to the lender and ask if they want to proceed, and how, and if they do and don't have a problem with the mold issue, then disclose, and don't try to guess what remediation would cost. It could be hundreds of thousands or the complete demolition of the house. Leave that to experts and if the lender does not want to deal with them, then don't force the issue.