Re: HOUSE OFFER

[robert <http://dummy.us.eu.org/robert>]

 > From: TOM LOVETT <http://www.yahoo.com/~tomlovettjr>
 > Date: Fri, 1 Aug 2003 06:45:39 -0700 (PDT)
 >
 > Robert, 
 > Thank you for getting back to me. I appoligise for being impatient, I am very 
 > enthuastic about the house and apperciate your time and concideration. 
 > If repairs are required I do have the resources and $$ to take care of them. 
 > In fact that is one of the reasons that I am intereted in a loan program with 
 > less money down.  As far as the appraisers and forms go I am checking into 
 > that as I write to ensure that they would be able to occur in within the time 
 > frame we have discussed, athough the lenders have stated that it is not an 
 > issue i will confirm it. As far as the list of know defects the problems list 
 > is mostly consmetic and requires only minor repairs. My understtanding is that 
 > the FHA program is concerned with wood destroying insects active in the 
 > building and broken glass.

There is that non-functional window in the living room and the other
less-than-functional window in the bathroom.  But, if I remember reading
correctly, unpainted surfaces can be an issue, too.  That may include the
entire fence.

 > I will confirm this. 
 > As stated in the offer I have 14 days to complete all the inspection, 
 > therefore these issues would be completed prior

But what the inspector says may be different than what the appraiser says.
Any mortgage company would want to protect its investment, but getting
loans through federal and state programs has its own requirements.  So,
although the inspector may find an issue and you personally may not want
to fix it or find any value in fixing it, the mortgage company (under any
federal or state requirements for the loan terms) may insist it be fixed
before extending the loan.

You might try showing my "KNOWN DEFECTS AND PROBLEMS" list to your
mortgage companies to see what they think.  And, then, maybe ask them
about worst case scenario where every problem is the worst it could be,
ask them if they would insist the worst problems be repaired prior to
closing under different loan programs (the Municipal Mortgage Program and
the FHA), and finally ask them if that would delay closing.

 > to signing the Purchase and 
 > Sales Agreement (also 14 days), and it would not take the months to get the 
 > answer.

No, but if the mortgage company requires repairs, the repairs may take a
while.  And, a mortgage company won't agree to a closing date unless it's
happy.

 > Signing the Offer to Purchase Agreement is the first step and will allow me to 
 > complete the inspection and then everything will be on the table.
 > I appericiate your concideriation of this offer. please let me know if you 
 > have any additional questions that i may answer. 
 > thank you 
 > tom lovett
 > 617-230-6658