Potential buyer with an FHA loan
I would love some advice from some more experienced folks on the following situation: I have an off-market offer for a multifamily that I would like to sell. It's at what would be my asking price if I listed it, but it's an FHA loan. I would love to not have to list the property and put the tenants through showings, etc...especially with covid still being an issue. The property is in decent shape but it is a somewhat older property. How big of a pain is the FHA loan process in terms of inspections, things you have to fix prior to closing, etc. vs a conventional loan? Thanks in advance!
Most Popular Reply
If the property is in good shape and it doesn't have any safety issues, then it should be fine. I have worked with many FHA buyers and I only had a problem with one property where the garage roof was in terrible condition and needed to be replaced.
Also, a couple of years ago, I had a listing where the seller accepted an FHA loan. He had an older home and had to fix a few things to close it, but it was all minor inexpensive things.
- Eric Janson