We had an appraisal completed for FHA mortgage approval and it came back with a few repairs in order to meet FHA guidelines. This is a Fanny Mae foreclosure that has a tenant living in the house, although they were served eviction papers when I put an offer in on it in February. Am I responsible for these repairs prior to closing, or do I just have to show that I have the funds to complete the repairs?
Also, if I have to complete the repairs prior to closing do they have to be completed by a licensed contracter? The issues are: missing handrail in stairway to second floor, paint chipping on 2 garage windows, needs new steps with hand railing into garage, and one of the basement windows needs masonwork to repair the cement around the frame. I just assume fix the paint issues myself, and the others could be repaired by my dad who is a handyman and familiar with this work, but not a licensed contracter.
I spoke with the realtor and he is having his contractor fix the repairs to pass FHA funding. We had a home inspection and are aware that this home is in need of other repairs. The inspector did not hold back on any information. We already are getting $6000 towards closing costs so I am leary to ask for more money at closing to fix any of the minor repairs that the inspector disclosed to us. We are getting this house for a huge discounted price thanks to difficult tenants not allowing prior showings of the house. We don't want to ruin our chances of closing.
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