Ask a REALTOR®: 30 Common Real Estate Questions Answered in 30 Days: Question 14: What are common repairs required by lenders?

Understanding Common Lender-Required Repairs: Seller’s Guide—Real Estate Q&A

Meta Description: Discover the typical repairs demanded by lenders, including FHA loan requirements, selling as-is options, and how a real estate consultant can assist in the process.

Content: Welcome back to Day 14 of my real estate questions series, focusing on selling your home. Today’s question:

Question 14: What are common repairs required by lenders?

The repairs mandated by lenders can vary based on the loan type, with conventional loans typically focusing on major structural issues like foundation or roofing problems that could jeopardize the property’s value. However, Federal Housing Administration (FHA) loans often necessitate a broader range of repairs.

For FHA loans, common repair requirements may include:

• Addressing peeling paint
• Covering exposed wiring
• Repairing broken gutters
• Adding handrails to stairs

These requirements aim to ensure the safety and habitability of the property, especially for lower-income homebuyers who may struggle with additional repair costs.

It’s important to note that states and banks may impose their own repair standards, so staying informed about local regulations is crucial.

If you prefer to avoid repair expenses, selling the home as-is is an option. As-is sales often cater to investors offering cash, facilitating faster closings. However, they typically result in lower sale prices compared to homes that undergo inspections and repairs.

Tomorrow, we’ll delve into how a real estate consultant can enhance your home selling experience. For personalized assistance or further inquiries, reach out at 405.401.0099 or visit https://daveparker.sites.c21.homes to kickstart your buying or selling journey.

For full text, visit video on our YouTube Playlist: https://www.youtube.com/playlist?list=PLOrIAsa07BvxMX7230jW_xOrrLzrBxPt0

Dave Parker, REALTOR®, License #204189, Phone (405) 401-0099.

Century 21 Judge Fite, 1220 S. Santa Fe, Edmond, OK 73003, Broker #154475. Contact (405) 359-7400. Email: Dave@mrdaverealty.com.

Website: https://daveparker.sites.c21.homes

Questions courtesy of Clever.com

KEYWORDS:

• Lender-required repairs
• FHA loan requirements
• Home repair checklist
• Selling as-is
• Cash home buyers
• Real estate consultant benefits
• Home sale preparation
• Property value assessment

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