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Fernando Melendez's Advice

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  • 6 Contributions
  • 0 Best Answers
  • 1 Helpful

Fernando Melendez wrote:

I'm buying a house under a FHA loan I have been approved but a condition was for a second appraisal

Answer
If there is a condition on the first appraisal, that condition must be cleared, it could be the simplest thing ex. a crack window or the closet is missing the carpet... and if is not cleared the loan could get cancel, now in regards of who will pay for it, the buyer should not do any repairs with out the sellers consent, and if the contract says that the property is being sold  "as is" that is an issue, most of the times the seller will correct the issue(if they want to close). And yes, there must be a second inspection paid remember that the appraiser is a third party hired by the buyer, and if the appraisal was to be paid by the seller they must be informed.
September 05 2013
(0)

How about buying property with section 8 tenant in?

Answer
you would have to honor the remaining term of the lease, however it is a plus if  the tenant is section 8, i manage several properties and when we had that situation we had to contact section 8 to make the transfer of ownership and continue with the same tenant, remember section 8 leases auto renew every year, and if you want them to vacate the property you have to give them plenty  time in advance  to move out.
September 03 2013
(0)

what does Pending mean on a home thats for sale

Answer
That is correct, however on this market if you talk to your agent, you could send a back up offer in case the accepted offer falls thru.
September 03 2013
(0)

How long is an appraisal good for?

Answer
it should be good for 3 months.
September 01 2013
(1)

mold exposure

Answer
you could hire a mold inspector at you expense to be 100% sure you have high levels or toxic levels of mold, and if you do ,you could ask your landlord to abate the mold. There has to be a constant moisture issue for mold to grow.
August 29 2013
(0)

Pet deposit refund or not if tenants broken lease, and house is in good condition?

Answer
Usually is stated on you lease agreement if its going to be returned or not, if it wasn't stated you could use it to clean up the dog's left overs like,fur and more around the house.
August 29 2013
(0)