costs.
An area of concern to real estate agents — and one where I can perform a service for their clients — is that the property itself must be in acceptable condition according to Department of Housing and Urban Development (HUD) guidelines. That’s right: it’s not just the borrower that has to be underwritten, but the property itself. Most HUD requirements for property conditions deal with health and safety. For example, loose handrails are a common issue with FHA loans. If there is a stairway inside the house and the handrails are loose, the FHA-approved appraiser will note that on the appraisal and it will have to be resolved prior to the FHA loan. Therefore, if a buyer is going to request an FHA program, I do a quick check of the property for common issues of non- compliance. I can’t because of my comprehensive knowledge and understanding of all the different loan programs and what they each require, I can work to fulfill those requirements and have issues resolved early. Because of my knowledge and experience, I know how to look for red flags early rather than wait until the end when everybody is set to close. I avoid what real estate agents dread — surprises where suddenly there are issues or “one more” documents left forgotten. I work to get things resolved as quickly as possible. Let’s briefly review some of the different special requirements for various loan programs. now for sure because I am not an official FHA appraiser, but I can at least look for the most obvious and common problems. I double-check the home using the MLS sheet and property photographs to ensure I don’t see any issues with the property. If there are problem areas, I let the agent and the borrower know so they can resolve them, in the hopes that the buyer can be
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