Hi, I'm purchasing a home through an FHA loan offer. The home is to be sold "as is" as long as it meets FHA guidelines and appraisal.
Does this mean the seller will make some repairs?
Thank you for stopping by my website and asking a question. I love to meet new people and share with them knowledge they need to make informed decisions when buying a home.
Thinking about the question you are asking, if the house passes FHA appraisal/inspection then you will not have to worry about repairs. It sounds like you may be buying a foreclosure home. If that is the case, you would be hard pressed to get the seller to do repairs anyway, especially if it is a bank that owns it.
You may want to visit my page on Best FHA Home Loans for lot's of details on this loan product. Personally I feel this is the best way to go for the first time home buyer.
The FHA inspection means the house is mechanically sound and there are no real safety hazards. While the inspector does this, they look for property value as well. So they will help you know the market value of the home and if it is worth the asking price or what you may be offering.
The FHA Appraisal in not the same as a Home Inspection. Sometimes people get this confused.
There is a very large difference between the two. Allow me to briefly explain it, feel free to check out the links I'm providing for more details.
Here is a list of some of the things the appraiser will look at:
seller concessions and financing data
appliances that come with the house
condition of the roof
condition of basement or crawl space
electrical boxes and wiring
wood stove, solar heat, or furnace
sewer systems, wells, and water quality
That is just the short list. There is much more involved. I had another person with a similar situation. Take a look at this answer I left for them about FHA financing.
Now the home inspection process is something I strongly recommend. This is normally ordered by you the buyer and cost around $300-$400.
The inspector is working for you and really goes into all the various mechanical systems and structure of the home. He climbs into the attic, gets on the roof and whatever else is needed to give you a detailed report on the condition of the home.
To find one, just Google "home inspector" along with your city and state and a list of them should show up for you.
I hope this helps. Please feel fee to share this website with other people you know that benefit from it.