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Lenders Condition Requirements

Property Condition Requirements Sellers Should Know

When selling a home in Washington, you should know the minimum property standards set by the Federal Housing Administration program. These are basically the mortgage requirements that home buyers must meet when applying for a loan. Essentially, when buying a home in Washington, an individual that follows the conventional method has to meet these conditions to qualify for a loan. The condition of the home for sale that the applicant wants to buy will determine whether they qualify for a loan or not.

That means if buyers that are interested in buying your home do not qualify for a FHA loan, your house may take longer to sell or not sell at all if you stick to conventional methods. That’s why you should know the conditions that your home should meet before listing it for sale.

Cosmetics and Safety Conditions  

FHA is not concerned about the normal wear and minor defects like worn out countertops, worn carpeting or leaky faucets. These maybe unsightly to some home buyers but FHA is concerned about safety, health, and structural integrity. Therefore, look for anything that may compromise these when listing your home for sale.

Basically, you may have to do some repairs for your home to meet these requirements before you put it up for sale in the Washington real estate market. Here are some of the things that you should fix up:

  • Missing tiles on the roof
  • Exposed or frayed wires on the electrical boxes
  • Large cracks in slabs that compromise the structural soundness of your home
  • Leaky roof
  • More than 3 roofing layers on the roof
  • Peeling or chipped paint on the outside or inside of your home
  • Contaminated soil
  • Absence of sinks or showers
  • Non-functioning toilets
  • Water damage or significant dampness
  • Bad flooring
  • Deteriorating or damaged asbestos
  • Defective construction
  • Termite damage

The Options

If your home has anything that hinders it from meeting these requirements and you want to sell it via traditional methods, you have to get bids from trustworthy contractors. Make sure that the contractor that you hire won’t cut corners while repairing your home. That’s because if something shoddy comes up during a home appraisal, you will have to re-do the repairs again. This will cost you even more.

But, if you don’t have time or money for repairs, you can sell your home as is. Simply sell your home to a cash buyer that won’t mind the current damage or defects in your home. A cash buyer will purchase your home as is and pay you in cash. What’s more, they will close within days. And you will get a figure that is close to that of a traditional buyer.

To get a cash offer for your home in Washington, call KDS Homebuyers. We are a reputable cash home buying company that has bought many homes in Washington. We help homeowners that want to sell houses fast. Call us now to schedule a viewing and valuation visit after which we will make you a cash offer!

 

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