Sweaty Equity

Have you heard of this handy house hack?

One of the biggest issues many home buyers have is the sellers' reluctance to accept an offer from an FHA-approved buyer.

FHA loans are often misperceived as being really difficult to get done and a lot of agents prefer to work solely with conventional buyers.

Why is this? Great question. The biggest reason is because they are concerned about the appraiser picking apart the house and calling out any health or safety concerns. Peeling paint, missing handrails and cupping shingles that need to be replaced are a few examples we have dealt with over the years.

I’m going to share with you what we call the “Handy House Hack”.

Here’s how it works.

Let’s say that you are approved for an FHA loan and submit your offer on a home that needs a little TLC.

With our handy house hack you can explain to the sellers and put them at ease that you (or your handyman dad) will offer to make any repairs needed to satisfy any repairs the appraiser lists.

So this not only addresses the seller and their agent’s concerns but also allows you to take credit for the sweat equity. That’s right: the labor and material you provided for the project will be credited towards your down payment.

So if you are looking at getting into a home that may need a little TLC, give us a call or email jay@jaydacey.com and we’ll see if this would work for you.

Jay Dacey Mortgage Team NMLS 1812066