The Lehigh Valley has had a very low inventory of homes for sale over the past two years.
The lack of Homes for Sale in the Lehigh Valley has caused the market to get tilted towards the home seller and they may be taking advantage of it.
This is what I am seeing as I show Lehigh Valley homes and look through Lehigh Valley Home Listings.
* Lehigh Valley Home being Sold As-Is
What exactly does this mean? A home purchase can require multiple instances where the buyer gets stopped dead in their tracks by a problem with a house. What type of financing are they going to allow? Is it a cash purchase only? Does only the home buyer have the ability to ignore any issues? (i.e. roof should be replaced in 1-2 years, buyer is okay with that, mortgage company believes roof should be replaced now...before closing).
* Home Buyer WILL BE RESPONSIBLE for any updates/repairs required by the Lehigh Valley Municipality (Certificate of Occupancy, Buyer Notification Inspection...etc).
The PA Agreement of Sale states if a municipal inspection is required the home owner must order it and provide the report to the buyer. The seller will fix or negotiate with the home buyer about repairs. These items are required by the municipality and MUST be Done. One party has to agree to do them and if getting a mortgage it may create a problem. If the report isn't available when you make the offer should you agree to this beforehand? Municipal inspections can involve permit issues and other potential illegal uses of the property.
Lehigh Valley Home Seller will not do any FHA/VA/USDA Mortgage Required Repairs
This one can be a show stopper. If the Lehigh Valley Home Buyer is getting a mortgage an appraisal will need to be done to ensure the home is worth the price. As part of the appraisal, the appraiser will look at the condition of the home. They may be looking for safety issues as well as general condition of the home. If they tag any issues with the property those items must be addressed or the home buyer will not be able to get the mortgage and the closing cannot occur.
As a Lehigh Valley Home Buyer, you should fully do your research on a property with specific conditions that limit your ability to walk away from a property that may need more work than you originally anticipated.
Home Buyer Beware!
For all of your Lehigh Valley Real Estate Information, visit www.lehighvalleyhomesonline.com.
