Are Well & Septic Distance Issues Stalling Your Closing?
FHA Guidelines have changed; are you up to speed?
It seems most involved in a Real Estate Transaction are not!
100 Feet is the new minimum! If you're under do you know what needs to be done?
Lenders will tell you they can offer a waiver but don't buy it! They have their own rules and they are sometimes more stringent than HUD!
BUYER'S:
Does your Realtor know how to protect your "Hard Earned Money"?
Take it from me it's not easy when the Lender changes the rules in the home stretch!
Do your septic inspection first and if you are under 75 feet do not spend another dime until your lender sends the package to HUD for a waiver. Do not take no for an answer. Do not let your lender tell you they will waive it for you. Do not trust this! They are known to change their mind in the last hours and delay your closing if it ever happens at all. Once you have spent that Home Inspection Money, there is no way to get it back!
Let the seller pay for the water test that will be needed as part of the determination to waive. You may have to reimburse if it's waived but if it's denied why should it cost you. If the seller's property doesn't meet current code and doesn't qualify for a waiver why should you be out? It's simple, you shouldn't!
Looking for a BUYER'S AGENT that knows the job at hand? Look no further!
RE/MAX Professional Associates
Kathleen Chase, Realtor 860-942-9212
 |
This Blog Is Brought To You By: Kathleen Chase, Realtor RE/MAX Professional Associates |
Kathleen, Good information. I also have seen them waive some and not others. Thanks for a different look at the situation.
Hi Kimberly,
I know they can offer a waiver but so far for me they have not. Twice in the past 6 months the lender told the buyer they were all set and in the last week to closing changed their tune and decided it had to go to HUD! Very frustrating for all involved.
In my current case both sides are counting on the Tax Creditand this may push them over the date of qualification. So unnecessary when on April 13th I told all involved it needed to go to HUD and the Lender said the letter from the Health Departmentwould suffice!
I for one will not take the Lenders word in the future!
Thanks for reading...Kathy