Today's topics: Home inspections and property flipping
I'm not surprised it's happened, but Rural Housing is asking for copies of the home inspections and every repair noted in the home inspection needs to be done before closing. In the past, they didn't ask to see home inspections, just relied on the appraisal. Now if a home inspection is in the offer or on the HUD, they want to see it. In the past, we never had to provide home inspections. We've got a loan right now where Rural Housing requested the inspection. They want windows fixed that are stuck shut, electrical outlets fixed, and the home inspector has to go back out and confirm the repairs have been done.
Property Flipping: A home can not be sold that transferred ownership in the past 90 days. If it is selling and was sold within the past year, it may require additional info and two appraisals.
What wonderful news!
Effective January 1st, FHA appraisals will be ordered through the Appraisal Management companies. This is a sore subject with me. They could just go back to the old system where FHA assigned the appraiser, but instead they are requiring the use of a 3rd party, adding additional time, and more expense for borrowers.
I know there's reasons for all these rules, but sometimes they go a little too far to the extreme and it hurts borrowers.
Together we'll get through it!
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