Clues to Home’s Condition: Seller’s Financing Terms
“Seller Terms: FHA, FHA Rehab 203k, DVA, Conventional, Adj. Rate/Gr Payment, Special Funding, Cash.”
–MLS listing
Can you spot the yellow flag in the preceding list of financing options?
No rule of thumb is 100%, but the vast majority of the time, when the Seller’s financing terms include “FHA Rehab 203k loans,” the home is in need of major rehab.
Call it, “listing agent shorthand.”
Precisely because so many Buyers’ agents have that association, it’s wise to avoid including that option unless the home’s condition leaves no other choice.
My 2¢, anyways . . .
