FHA Offer ??

captain72 profile photo

Guidance Please smile

Recently bought my rehab 20k under CMA. Closed on the property the last week , put it back on the market FSBO w/ plans of doing a little rehab (about 5k) . Murphys Law stepped in and wouldn't you know it a full price offer came in "as is" yesterday, however it's an FHA and the buyer is not being represented by a realtor.
I received approval ltr from buyers mortgage broker and 1k escrow check. I've also included a blurb in contract tthat buyer must show loan commitment w/ in 10 days.
I've been up reading everything I can get my hands on as far as FHA goes but thought I'd turn here for last minute advice since this FHA thing caught me w/ my pants down and being the first deal I've done w/out a realtor I'm starting to feel unsure about myself.
Should I have built in closing costs in the price? Am I going to have to fix every little thing wrong with this house?
I have had two other verbal offers in the course of one day since writing the first contract yesterday.
Can I write contracts (back up offers) with these others in anticipation of the deal possibly falling through. Please help I'm starting to feel as if I'm over my head. Not to mention the buyer is very uninformed and I'm feeling like I'm acting as his realtor and mortgage broker

Comments(3)

  • InActive_Account6th January, 2004

    If your buyer offered a price "as-is", that's what that means. No other repairs should be necessary. He would be responsible for his funding, not you.

  • GJB6th January, 2004

    You are smart to put the loan commitment clause in your agreement. I do the same thing on a property that will bring multiple offers, that way I dont tie up the property for any longer then necessary. I would take backup offers and earnest money deposits from as many people as possible of course you will need to write an addendum to each offer contingent on failed sale of previous offer. But most certainly take other offers and let people know you have an offer at $xxx price and let them out bid each other you may end up with more them you are asking. FHA can offer your buyer a lower loan amount if a property is not up to their quality standards and at times they can be strict.

  • captain726th January, 2004

    Thanks for your insight. Much appreciated.

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