For buyers looking to purchase a home in Charlotte NC one of the most often overlooked topics during the mortgage pre-approval phase relates to property condition. I won’t go back into pre-approval what it is and why it’s mandatory in this post.
What does the condition of any given real estate for sale in Charlotte NC have to do with a buyer’s mortgage? Actually, it can have a huge impact on what Charlotte NC homes are viable options for a buyer.
The one must-ask question for home buyers during the pre-approval process is: Are there any requirements (or standards) for property condition with this loan program?
Some loan programs (some FHA, VA loans) are just not a good fit for Charlotte NC homes for sale in need of repair. The condition of the house actually does make a huge difference and is a factor with certain types of loans. Most often this comes into play with distressed Charlotte NC homes for sale where they’re being sold as-is and the seller won’t make any repairs.
It doesn’t matter if it’s no big deal to the buyer. Relatively minor issues like torn screens, minor wood rot, missing appliances may not be a deal breaker for the buyer, but if the lender won’t accept the property’s condition as-is (and seller won’t make repairs) it doesn’t matter if the buyer is ok with it. Lender has the money, buyer’s gotta play by their rules when it comes to property condition.
I know I’ve mentioned this issue before but it does bear repeating, and it’s one of the most overlooked considerations during the pre-approval process for buyers getting ready to purchase real estate in Charlotte NC.
Talk with your lender about any standards or requirements that may be a factor. It’s one of those criteria you really need to know before getting in over your head and ending up on the hook for inspection costs, possible loan related fees (appraisal for example) on a Charlotte NC house that was never really a good match with your financing from the beginning.
Set yourself up for success when buying a home in Charlotte NC. The process of buying a home is full of potential pitfalls but having a team on your side to help you navigate and trouble-shoot throughout the home buying process can help you make the leap from potential to successful home buyer.
Copyright©2009 by Diane McDermott, All Rights Reserved, “A Must-Ask Question for Charlotte NC Home Buyers”