Should I buy my own stove in an FHA loan?

I am purchasing a house with an FHA loan. This is a bank owned property. The previous owner took all of the appliances out the home. As a requirement of an FHA loan, a stove and hood must be in the property before closing. My realtor says I should get a stove and put it in there. That sounds stupid to me, because I don't own the house yet and haven't closed yet. Am I responsible for buying the stove if the seller (bank) hasn't put the stove in?

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  • Anonymous
    1 decade ago
    Best Answer

    It's a requirement for your loan. If the house does not have a stove your loan will not close.

    You have 3 options.

    1) The seller pays to have a stove and hood put in.

    2) You buy them and put them in

    3) You find a different house.

    Source(s): I'm a mortgage banker/broker
  • 1 decade ago

    I can understand your situation as we had to keep this in mind when we were looking for a house with an FHA loan. In the end we picked a home that had all the appliances but there were a few that we put offers in on that were without a stove.

    Since you have to supply a stove to close on the house and the bank will not provide one for you, your best bet would be to find a cheap one that you could afford to lose. Check on websites like freecycle and craigslist for inexpensive stoves. Make sure you get one that works in case the bank requires it be checked out. The key is to find one that is cheap enough that it won't hurt you financially if the loan should not close as expected and you forfeit the stove. Once you close on the house you can replace it with a better stove you would rater have.

    This was our plan in case we wanted a house that put us in this situation. We didn't want to risk putting a brand new stove into a home we had no real right to. By buying a cheap (working) stove you satisfy your loan requirements but you don't set yourselves up to lose a lot of money on a house that isn't yours.

    Good luck and I hope this helps!

    Brit

  • 1 decade ago

    Yes and No.

    How bad do you want THAT house? FHA loans are notoriously stringent in their requirements to close. Everything is negotiable with the seller. You should be able to negotiate with the seller to have a new appliance put in.... especially if you a qualified for FHA AND are willing to make the purchase.

    Question: Is your realtor by chance also the listing agent? I ask, because listing agent are responsible to all repair expenses on foreclosures and are later reimbursed by the owning bank. Sometimes much, much later:( So, if your agent is also the listing agent.... whose interest is he looking out for: yours or his? If he's the listing agent and he's telling you this, I recommend finding a new agent.

    Another issue is that these homes are sold "AS IS, Where Is", mean in the condition that they are in. This is why foreclosures are cheap. The seller could easy refuse to install appliances and be well within their rights to do so. Your out should be that your chosen financing (FHA) has refused to fund the deal in AS IS condition, so you should be able to walk away, if that's what you choose to do.

    If you REALLY like THAT house, it might be worth it to you to just buy all the new appliances, if your financial situation allowes it. If it's not worth it, don't buy the house. There are plenty others out there. Don't let anyone give you the "this is the deal of a lifetime" line either. I know for a fact that there are 100 REO deals within a short drive of this home.

    Source(s): Licensed Realtor & Foreclosure Specialist http://www.bayarearealestateforum.com
  • 1 decade ago

    No and your realtor should received a swift kick in the *** for telling you that. I have never heard of FHA requiring appliances, they are viewed as "personal property". I am a Realtor and appraiser and have never had anyone say it's required. If this is coming from your lender, I would ask for a copy of their policy in writing, and an explanation as to why this is required for you to get their loan. This sounds like another scam by the lender.

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  • 4 years ago

    If they busted out a door to get in....that's a pretty good indication that the door was locked. From what you've posted, the house was properly locked up. But even a properly locked up house can be broken into. The real estate agent is not responsible for fixing the doors and replacing the stove. You can ask the seller to do that - and they can say no. Then you have a choice - take the house as it sits now and replace the stove/doors or walk away and find another property.

  • 1 decade ago

    FHA does NOT require appliances in the home at closing!! I have closed FHA loans for 23 years & have never heard of this.

    Source(s): Possible that the lender requires- you could always rent one for a month...
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    1 decade ago

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  • Anonymous
    1 decade ago

    Your realtor is not looking out for your best interests.

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