Re: My USDA Direct Loan Experience so far...and a couple questions.
10-19-2012 06:31 PM
Ok I have a question and want to see if anyone has an answer...I'm looking at a house that I'm really interested in putting an offer in for. The house has been on the market for awhile and I had a chance to walk through it today - it was in pristine shape except for one issue. The sellers decided to turn the basement into a 3rd bedroom which is currently under construction. It appears the owner is a carpenter by trade and is doing the work himself. Being the fact the house has been on the market for so long I have a strong feeling that the owners are motivated to sell fast and I would imagine that the work could be completed reletively quickly.
As far as the USDA goes, since the 3rd room isn't actually completed yet I wonder if this would be an issue. Or if there was something written in the contract that the build would be done by closing that it would be ok. I'm close to pulling the trigger on this house, but I want to make sure this isn't going to be a problem.
Anyone have a guess?
I'll call the USDA office on Monday and also get an answer as well.