I’ve gone through this process myself while purchasing a 1918 Craftsman Bungalow. Making sure you understand exactly what you’re getting yourself into upfront is incredibly important.
The house looks good, needs some work and is in a desirable neighborhood. But what might seem like a great fixer-upper property could actually be a money pit. Let’s look at some common potential issues with a home that could easily derail an appraisal and your mortgage — and they come up more frequently than one might think.
(And just a note: It’s all about the appraisal and contract. If the problem isn’t listed in the appraisal or listed as a condition of sale within the purchase contract, it shouldn’t delay or deny your loan.)
Many resale homes have worn-out roofs that must be replaced at some point down the road. In this situation, your real estate agent is bound to identify it right upfront. Get at least a couple of quotes to determine how much shelf life the roof actually has, and the costs associated with repairing or…
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