How to sell my deceased fathers home in Oklahoma when "as in condition" with VA loan

It would be in your best interest to increase the price for the repairs. Let the appraiser do his job and if the repairs are noted in the appraisal report, then you can create a repair escrow account with the title company to facilitate. If the appraisal does not indicate any repairs required, you could complete an amendment to reduce the price accordingly. Good luck.

Your question brings up a common misunderstanding. You (as the seller) and the buyer can do anything you want, and agree to anything you want - ON A CASH OFFER. If there is a lender involved, the lender requirements ALWAYS overrule.

I am not sure I copmpletely follow you scenario, However if I am following you correctly, the appraiser noted the damage to the foundation and you buyers bank is requiring that the APPRAISER note thatthe repairs have been made, prior to closing. If this is the case, it becomes your responsibility to fix. If your understanding with your buyer was he was buying as is and HIS bank is requiring YOU to make the repairs, this becomes a negotiation between you and your buyer in terms of how those costs get absorbed.

If the contract of sale was written with the condition of VA financing, it does not matter how many times the contract says it is sold in "as is" condition. The VA financing will override any other agreement. If the VA appraiser calls for a structural report and the report calls for structural repair, the SELLER will be required to make those foundation repairs, and any and all other requirements made by the VA appraiser. Again, it does not matter what the contract may say about "as is." If the buyer can't get financing he AIN'T gonna buy da house. <p>As the seller, you may want to renegotiate the price with repairs included, or, if you want to just get shed of the property, proceed with the offer you have, but you will be making the repairs.<p>One question. Did you use the services of a REALTOR?<p>Wayne Barnes<br>Coldwell Banker Select<br>www.come2ok.com

VA, FHA and even Conventional loans can and will have conditions listed on the appraisal. If the appraisal is "Subject to" then any repairs listed have to be fixed.. Lenders will not lend on properties that are in "Subject to" condition. If the appraisal is in "As Is" conditions, then more than likely there will be no items needing repair.. In your question above, you cannot add the cost of repair and hold the monies in escrow.. The repairs have to be made PRIOR to funding the loan, so someone has to pay for the repairs upfront.. Either you or the buyer.. Even though you listed and sold the property in As Is condition, the lender takes precedence over any conditions you have listed in your sales contract.. If the buyer were paying cash, then all is good.. if there is a lender involved, then your subject to their guidelines.. WilliamAcres.com

VA will never allow a veteran to use a VA loan to purchase a home "AS-IS". Your Real Estate Agent should have warned you about this. VA always requires that certain Health and Safety issues be addressed and corrected. If the repairs are not done and inspected by the appraiser, escrow will not close. If the appraisal indicates foundation work is to be done, you will need to arrange for it prior to close of Escrow. VA does not offer financing for this kind of project. If you don't have the cash, you may be able to find a contractor that is willing to do the work and get paid out of escrow. You might have to be willing to pay him more for this, but as a contractor, he can protect his right to collect the funds by placing a mechanic's lien on the property. I'm not in Oklahoma, but know of some contractors here in AZ that have been willing to do this.Clearly, you must negotiate a higher sales price to cover the cost of the repairs since the home can't be sold to the Vet, as-is. Let's assume you increase the price the additional $10,000 you lowered it for the as-is. Could you agree with the seller to lower the price by the amount you don't have to spend on required repairs? Yes. You would need to make sure your Real Estate Agent understands exactly what you are trying to do so it can be placed in the contract correctly to protect you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com