FHA financing question

[Scott Harper]

I have a tenant that would like to buy my house. It is in good shape with three year old roof and electrical upgrades. He is wanting to do FHA financing. What should I be aware of that they may require me to fix to make the loan?

I was planning to do an "as is" contract with the tenant but would be willing to spend a thousand dollars for minimal needs but certainly not four or five thousand for bugus FHA demands. Does FHA require any special contracts?

[Aaron K.]

It will depend on what shape your property is in as to what you may have to do, you can always have the tenant inspection report come back with more things than you are willing to fix and refuse a request for repair, but that could put a strain on your relationship with the tenant if they continue to live there.  You could also consider owner financing if you wanted, but that may be more complicated.