The Federal Housing Administration or FHA obliges repairs on residential properties being sold prior to the closing of the loan. Stern requirements were imposed, as they were very strict before. Let's say for example that you're looking at Buffalo Grove homes for sale. For this reason, sellers have become hesitant in accepting purchase offers from home buyers who were getting FHA loans as they end up in paying for the repairs; however, it still depends on how the offer was written. Writing your purchase offer for the Buffalo Grove real estate property matters a lot if you're planning on acquiring an FHA loan.

The most essential concerns of the institution are the following:

• Safety and health issues,

• Structural soundness of the property, and

• The protection of the house's security

Almost always, the FHA compels that non-permitted additions and remodels that are not completed to code are brought to code. In certain instances in which the FHA approves the loan without this requirement, the value of the non-permitted items will not be considered in the real estate appraisal.

Moreover, the repair guidelines of FHA are subject to lender overlays. Even if the FHA might approve non-permitted items, the guidelines of the lender's investor may possibly cause the denial of an FHA loan because of a non-permitted remodel or addition.

The following are the different types of FHA repairs that need to be finished prior to the closing of a loan:

• Peeling paint in residential properties constructed before the year 1978

• Broken rain gutters and unpainted downspouts

• Perishing out-building that is in need of demolition

• Exterior doors that are unable to properly open and close

• Uncovered junction boxes

• Major leaks and plumbing issues

• HVAC systems that are inoperable

• Defective or leaky roofs

• Visible and active pest infestation

• Rotting support columns on porches, eaves, as wel as window sills

• Missing appliances that are normally sold with the house (for example, a stove)

• Bedrooms that do not have minimize-sized windows or bedroom windows that have bars that do not release

• Structural defects or problems with the foundation

• Wet basements

• Kitchen appliances that do not operate

• Empty pools, swimming pools that have mosquito fish, and pools that do not have a working pump

• Ripped screens

• Broken or leaning fence

Here are the types of FHA repairs that do not have to be fixed prior closing:

• Peeling paint and broken wall coverings in houses that were constructed after 1978

• Cracked glass in windows

• Simple plumbing faults like dripping faucets

• Missing handrails

• Defective floor finishes or worn-out carpeting

• Damaged or beat-up exterior doors that still close and open properly

-Trip hazards like heaving sidewalks

• Removal of debris under residential properties

• Lousy workmanship

• Replacement of flat roofs

• Evidence of inactive or past infestaion of pests

• Testing of well (except if it is called for by local jurisdictions or if the water is suspected of being contaminated)

To help you through the home buying process, it is important to understand such information that can be very useful when purchasing real estate.