Required by FHA?

[Jimbotch]

I have purchased a house and have a signed offer on my curent house. The couple who want to purchase my current house are using an FHA loan and had a home inspector in my house for 3 hours yesterday.

They want to renegotiate based on the fact my "garage" has a rotted sill plate. I listed the detached garage as a storage builging and not a garage. The estimate they got was for a poured foundation and a new sill plate for $5,000.

I am selling the house at about $20,000 below current market value. I plan on telling them to pay the agreed upon amount and fix it themselves or I will relist it.

Does FHA require this repair?

Jim

 

[Mountain Man]

For a detached building it may not be required, but the buyers have the choice as to whether buy or not. You can get your own estimates and make a counter offer.

 

[Smokey Bear]

Does the contract specify that the property must qualify for FHA? If not, they can seek other funding. Since you listed the garage as storage, it seems to me that they should pay for making it a garage, if that's what their chosen loan program requires.

 

[Meandering]

Hold your price and suggest they get a 203k loan and they can fix the garage if it is that important to them.

 

[Mike Garrett RAA]

Are either of you (buyer/seller) represented by a real estate agent?

 

[LI-Appr]

Who is ever represented by a RE agent? And why do they need to pour a foundation to replace a sill plate ? Is the existing foundation compromised? A good carpenter can replace a sill plate in a few hours depending on how large a section it is. If it is a whole wall he would have to brace the roof while doing the repair.

 

[Mike Boyd]

Yes, the repair would be required for FHA financing whether you call it a shed or a garage or anything else. An alternative would be to tear down that structure and remove all debris.

What is the rotted sill sitting on? No wood to earth contact is allowed for FHA.

 

[Karl]

5 Grand difference lets see hoew many homes in your area for sale? how long your home been listed? Sometimes you can loose so much more by being a hard head. Bet you really wish you'd sold a year ago. Suppose those of us that believe there are 1,000's more homes going to be releaded onto the market in next 3 mionths are right how much more is youir home going to drop in value.

How abouit you renegotiating on the one your buying oh say $7,500!!

 

[Jimbotch]

The buyers are a young couple who I liked so I gave them a sweet deal. Her dad is an a-hole and is calling the shots. I don't need the money and can aford my new house short term without selling the old one. This is just his attempt to impress the kids with his negotiation skills. When my realator showed the house she was clear that the garage was "as is" and not negotiable.

My counter offer will be to accept the current deal within 24 hours or I will relist it on Sunday.
Jim

 

[Jimbotch]

Cant find my post!

My post below labeled "Required by FHA?" was moved. Any idea where?