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?
- Anonymous1 decade agoBest 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
- Positively PinkLv 51 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!
- 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
- RealtoratheartLv 61 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.
- How do you think about the answers? You can sign in to vote the answer.
- BarbaraLv 44 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.
- Beverly SLv 71 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...
- Anonymous1 decade ago
I live in the US and i really have never seen goodness shown to me this
much in my life as i am a struggling mum with three kids and i have been going
through really rough times in my life and my name is Helen
Peters and in all this hard times, a worse incident occured in my life as i
lost my job which was my only means of survival and things became really bad as
i had bills to pay and my last son suffered a knee injury incurred when he fell
from a tree house and the doctors informed me that he needed a surgical
operation for his knee so he could walk again and at this point, life was
useless to me as i have no family and no one to run to and each night, i will
sit down and cry till the break of dun until one day, i read an advert on yahoo
answers of man that stated that he could help people in my shoes with loans and
in my desperate situation, i had no choice but i had to try and so shocking and
suprising, it was like an impossibility becoming a reality, i got a loan of
$75,000 USD even with my bad credit within 48 hours and my sons surgery was done
and thank GOD it was successful and now, i am okay and living in comfort with my
kids and i said to my self, i have never ever seen this kind of wonder in life
and i decided i will tell it to the whole wild world and i need every one to
thank GOD for Mr Patrick Harvey, the man GOD used to rescue me and my family
even when all hope had been lost and gone and i will say to every one, no matter
how dark and sinful the world is today, there are still GOD fearing and reliable
people on earth and if you are in my former situation or require a loan
legitimately, i will advice you contact this loan lender and you can reach him
via email@example.com and i want you all to pray for this man for me.
- Anonymous1 decade ago
If you are not informed you, will be deformed; I'm sharing this today because I have to. Sometime ago my wife Loveth Fisher was in need of loan to start up, she searched online and she told me that someone Vanessa Kleebereger referred her to one MR CHARLES BRICKS, she was afraid because of internet scam but she took the risk of contacting him.
After everything she her loan was approved and given to her with a low interest rate. I also applied too and I was given, now we are not living well, paid all bills and at the same time servicing the loan back.
According to this firm they dont give loan to untrusted cutomers, if you are not referred they will not reply you, if you are in need of loan you can contact me on firstname.lastname@example.org so that I can refer you to him personally OR simply contact him on email@example.com
- 1 decade ago
Hello, I am Mrs Mavis Joe, i lives in America i want to refer you to the international loan company that help me consolidate my depth ,when i was searching for a loan and i was in a bad situation, a friend of mine introduce me to KENNIS LOAN COMPANY that help me get out of my depth of $255,000, the company offer all kinds of loan to any where in the world at a very low interest rate and even if you have a bad credit and low income they still offer service , they are the only international loan company that can help you get a quality loan with a fast transfer, you can contact him on via email, firstname.lastname@example.org
- Anonymous1 decade ago
Your realtor is not looking out for your best interests.