Properties Need to Qualify Too!
- Robert Silva
- 2 days ago
- 1 min read
Not Every Home Might Be Worthy of Your Mortgage
A property needs to qualify for the loan just as much as the Buyers do. I have many buyers that find some properties on their own and ask me to schedule a viewing. However, once I review the property online, I can see that the property will NOT qualify for the financing. The property you choose has to qualify just like the Buyer does. The lender does not want to put the Buyer in a situation where the Buyer has to choose to fix the roof or make the mortgage payment. That should never be the case. Therefore, the lender, in the appraisal process, is when the items will come out.
Here is what they are looking for:
Flooring, not soiled
Heating, in working order
Water Heater, braced + pressure valve pointing downward
NO chipping and peeling, inside and out
Windows
Electrical Box, breakers, NO fuses
The roof has to be watertight. And it has to look in good shape.
No ceiling stains
All plumbing in working order
In closing, the property has to qualify just like the Buyer.
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