Folks,
There has got to be a way to work some common sense into the FHA guidelines about payments to vendors and contractors.
Some sellers often do not have the cash to lay out for work that needs to be done to a house before closing.
Buyers want to have the work done BEFORE closing so they can move right in and enjoy the house.
THE FHA gudelines don't give much leeway for getting that done.
Just my 2 cents.
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Very catchy title.
I have a closing being held up by these "meat product" guidelines - and no one is happy.
Just completed a closing that the FHA inspector completed his inspection 30 days ago and submitted the report to the lender. Just three days before closing they decided that two of the repairs were safety issues that had to be completed before they would fund the loan. The buyer was able to get the contractors out over that weekend to complete the repairs in time but there was no way to get the FHA inspector out to verify the work was complete. The closing was delayed a week. Did they not read the report when they got in 30 days ago? Ah...the efficiency of government.
Mike and Calvin,
Welcome to the club! FHA is eeating our lunch!