All Forum Posts by: Will Fahmy
Will Fahmy has started 2 posts and replied 5 times.
Post: FHA Not Allowing Seller To Give Me Security Deposits
- Birdsboro, PA
- Posts 5
- Votes 0
Quote from @Tom Gimer:
If the lender doesn't want the deposit(s) shown as a credit to the buyer (after all, these are not funds used to reduce the cash from buyer, they are third-party funds), the new security deposit escrow account can be the line item beneficiary on the seller-side only.
Line ~506: Security Deposit(s) to ESCROW (or similar). Could also be handled POC.
Always confirm the amounts claimed to be held by the seller match the tenant records.
This makes sense to me. But after pressing them they told me basically they didn't want it to be labeled security deposit. They just wanted it to be a credit to buyer from seller.
Post: FHA Not Allowing Seller To Give Me Security Deposits
- Birdsboro, PA
- Posts 5
- Votes 0
Quote from @Jacob Sherman:
Are you getting more than 6% sellers assist ?
No they just wanted me to reword the change in terms addendum. Update posted. Thanks!
Post: FHA Not Allowing Seller To Give Me Security Deposits
- Birdsboro, PA
- Posts 5
- Votes 0
Quote from @Russell Brazil:
Sounds like an issue with your bank. I've had security deposits and pro rated rent at closing on dozens of deals with all kinds of loans including FHA.
Are you maxed on credits?
Post: FHA Not Allowing Seller To Give Me Security Deposits
- Birdsboro, PA
- Posts 5
- Votes 0
I'm using an FHA loan to acquire a duplex. I'm a few days from closing and when the title company sent out the settlement sheet with the security deposits and prorated rents as a credit to me from the seller my bank went crazy.
First they said I need an addendum stating that the seller is crediting me.
Then they said I need an addendum nulling that addendum because the seller can't give me that as a credit. FHA doesn't allow this.
How is it possible that FHA didn't account for security deposits and prorated rents? It can't be? I'm guessing my bank is wrong. Does the FHA guidelines say anything specific about this?
Post: Do ground level stairs need railing?
- Birdsboro, PA
- Posts 5
- Votes 0
Hello, I just recently acquired my first rental property in Pennsylvania and a friend told me I'm probably going to need to install railing. My first question is do I actually need to install railing on some of or all of these stair cases? If I do need railings installed would it be wiser to get a contractor to install them so they meet code or would someone with very little experience be able to do it?
Front stairs; these look ground level and I heard ground level stairs don't need railings is that true?
Back stairs; these look ground level as well
Front door stairs are not ground level but I don't know if there are enough stairs to require a railing
Any help is appreciated! Thank you!