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Comparable sales on HUD Home in Las Vegas on  4863 Pagosa Springs Dr
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Comparable sales on HUD Home in Las Vegas on 4863 Pagosa Springs Dr

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View the the comparable sales report of this home in Las Vegas located in Blue Diamond Ranch at 4863 Pagosa Springs Las Vegas NV 89139. …

View the the comparable sales report of this home in Las Vegas located in Blue Diamond Ranch at 4863 Pagosa Springs Las Vegas NV 89139.

View more info on Las Vegas Homes at http://www.lvshortsales.com/las-vegas-communities/

This home sold in 2004 for 318,000. Comparable sales are roughly 61 to 81 per ft over last 90 days.

Call Las Vegas Realtor Jeff Mix at 702-510-9625

Published in: Real Estate, Business

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  • 1. GLVAR Single Family Residential Ownership SFR 06/06/12 8:43 PM ML# 1255777 Status ER Area 504 L/Price $134,000 Offc EXUN01 PubID 202220 Listing Agent a Realtor? Y Bldr/Manf Model $/SQFT $74 County Clark County Parcel# 177-07-410-016 Twnshp 22 Range 61 Section 7 City Las Vegas Prop Desc Subdiv BLUE DIAMOND RANCH UNIT 1 Subdiv# Community NONE Short Sale N Foreclosure Commenced N Repo/REO Y Asoc/Comm CCRS Zoning Single-Family YrBuilt 2001 / Resale Elem K-2 WIEN Elem 3-5 HILL Junior TARK HighSch DESO Click here for map view4863 /PAGOSA SPRINGS DR Unit Zip 89139Virtual Tour GENERAL INFORMATION FB 3/4 HB TotBldg Desc 2STORY #Bedrms 4 #Baths 3 0 0 3Garage 2 /Attached /Auto Door Opener(s) /Entry to House Conv N Carport 0Appx SqFt 1,818 Addit Liv Area #Acres +/- 0.090 #Den/Oth 0 #Loft 0Roof Tile Like Lot SqFt 3920PvSpa N Lot Descrip Under 1/4 AcrePvPool N Pool Size +/-D: From Blue Diamond & Decatur*N on Decatur*R on Lone Grove*R on Long Beach*L on Pagosa SpringsR: WOW*HUD Owned home*4 beds & 3 baths with 1 bed & bath on main floor*Per FHA Appraiser lot is 3764 and 4 beds and HOA fee $33. monthly*Insured. Eligible for FHA 203K*For overbidding and/or escrow repair information please see attached "Overbidding & Escrow " MLS Addendum. Disclosures: HOA Management fee of $28.29 Quarterly: CAMCO Nevada*Agents see attached addendums. Call today to see this home. APPROXIMATE ROOM SIZES AND DESCRIPTIONSLiving 14x14 /Entry Foyer 2ndBd 10x10Dining 12x12 /Kitchen/Dining Room Combo Ceiling FanGreatRm NKitchen Tile Flooring /Laminate Countertops 3rdBd 10x10Family 14x14 /DNSTRS Ceiling FanMBR 15X13 /Ceiling Fan /Mbr Walk-In Closet 4thBd 10x10MB Bath Make Up Table /Tub /Shower Only Ceiling FanDryerUtil Gas Loc AREA Washer Inc N Dryer Inc N 5thBdRefrig N Disposal Y DishwasherY Bed Down Y Bath Down Y, F Oven Desc Stove (G)Oth Appliances Built-In Microwave Construction Frame & StuccoInterior Alarm System-Owned /Ceiling Fan(s) Flooring Carpet /TileFireplace 0 Equest NoneFence Backyard Full Fenced /Block UTILITIES INFORMATIONHse Faces N Miscel NoneExterior PatioLandscape Rock/Gravel Landscaping /ShrubsHeat Sys Central Heat Fuel Gas Water PublicCool Sys Central Cool Fuel Electric Ground Mounted Y Sewer PublicUtil Info Underground Utilities Energy None FINANCIAL INFORMATIONAssoc Fee Y Assoc Name CAMCO Assoc Ph 702-531-3382 MastrPlanFee $0Assoc Fee 1 $33 /Monthly Ann Taxes $1,460 Assessment N Assessmt AmtAssoc Fee 2 Earnest Deposit $1,000 SID/LID Total SID/LID AnnualFinancing Considered Cash, Conventional, FHAPresented by: Orange Realty Group LLC Agent: Jeffrey Mix GLVAR DEEMS INFORMATION RELIABLE BUT NOT GUARANTEED
  • 2. Map View Page 1 of 1 5 1 4 3 300 yds © 2012 Microsoft Corporation © 2010 NAVTEQ © AND Subject Property # Listing # Address Status List Price Sold Price 1 1184447 7724 PACIFIC RIM CT S 129,900 135,000 2 1204969 7723 WHITESBORO CT S 109,900 114,000 3 1207043 4780 THACKERVILLE AV S 134,900 134,900 4 1224343 4865 LONE GROVE DR S 133,800 143,800 5 1118993 7708 HARDESTY CT S 124,900 120,000http://las.mlxchange.com/5.5.08.25119/Pages/OurPrint.asp 6/6/2012
  • 3. Residential Comparative Market SummaryML# / Status #Beds Baths LivArea YrBlt PROP Bldg Desc List Price Sale Price DOM1184447 S 4 2 /0 /0 1674 2003 SFR 1STORY $129,900 $135,000 1807724 PACIFIC RIM CT Repo/REO: Y ShortSale: N #Grg/Cpt: 2/0 Pool: N Spa: N Sold: 04/27/121204969 S 4 2 /0 /0 1674 2002 SFR 1STORY $109,900 $114,000 187723 WHITESBORO CT Repo/REO: N ShortSale: Y #Grg/Cpt: 2/0 Pool: N Spa: N Sold: 04/30/121207043 S 5 2 /1 /0 1818 2002 SFR 2STORY $134,900 $134,900 824780 THACKERVILLE AV Repo/REO: Y ShortSale: N #Grg/Cpt: 2/0 Pool: N Spa: N Sold: 03/13/121224343 S 5 3 /0 /0 1818 2004 SFR 2STORY $133,800 $143,800 214865 LONE GROVE DR Repo/REO: Y ShortSale: N #Grg/Cpt: 2/0 Pool: N Spa: N Sold: 03/27/121118993 S 3 2 /0 /1 1976 2002 SFR 2STORY $124,900 $120,000 4137708 HARDESTY CT Repo/REO: N ShortSale: Y #Grg/Cpt: 2/0 Pool: N Spa: N Sold: 05/21/12 They are listed at 74 per ft right in the sweet spot of the comps. HUD homes are listed off of a HUD apprasial so again anything over the list price will require the buyer to pay over the list price.(see page 13) Total Listings: 5 Living Area SF List Price Sale Price DOM SP/SqFt Average: 1792 $126,680 $129,540 143 $73 Minimum: 1674 $109,900 $114,000 18 $61 Maximum: 1976 $134,900 $143,800 413 $81 Median: 1818 $129,900 $134,900 82 $74 These properties are your competition. A potential purchaser will compare your home to homes similar to these when trying to decide which to buy. Take a look at these homes, if only on paper. Try to be objective and ask yourself, "Which home is the best value?" Is it yours? If not, these other homes may sell before yours. But dont forget that the "List Prices" of these homes represent what the sellers WANT for their home, not necessarily what they are really going to get if they sell their home. So when setting the price of your home, dont simply look at the LIST PRICE of the other comparable homes, look at the SALE PRICE of comparable homes to yours that actually SOLD! ** All Data Accuracy Has Not Been Verified And Is Not Guaranteed ** 06/06/12
  • 4. Comparative Homes 7724 PACIFIC RIM CT 7723 WHITESBORO CT 4780 THACKERVILLE AVRef # 1184447 1204969 1207043Status S S SProperty Subtype SFR SFR SFRCounty Clark County Clark County Clark CountySubdivision BLUE DIAMOND RANCH UNIT 3 BLUE DIAMOND RANCH UNIT 3 BLUE DIAMOND RANCH UNIT 1Community Name None None NoneBldgDesc One Story One Story Two StoryPropDescSqFt 1,674 1,674 1,818Year Built 2003 2002 2002Repo/REO Y N YShort Sale N Y NBedrooms 4 4 5Full Baths 2 2 23/4 Baths 0 0 1Half Baths 0 0 0Bed/Bath Down? F F FFlooring Carpet, Linoleum/Vinyl Man made wood or Laminate Carpet, Tile# Fireplaces 0 1 / Gas 0Interior Desc Drywall None None# Garages/Desc 2 / Attached 2 / Attached 2 / Attached# Carport/Desc 0 0 0Construction Frame & Stucco Frame & Stucco Frame & StuccoRoof Tile Like Pitched, Tile Like Tile LikeExterior Desc None Back Yard Access, Covered Patio Back Yard Access, Covered PatioLot SqFt 4,356 4,500 3,501Lot Desc Under 1/4 Acre Under 1/4 Acre Under 1/4 AcreFence Desc Backyard Full Fenced, Block Backyard Full Fenced, Block Backyard Full Fenced, BlockPrivate Pool N N NPrivate Spa N N NHeating Central Central CentralHeating Fuel Gas Gas GasCooling Central Central CentralSewer Public Public PublicWater Public Public PublicEnergy Desc None None NoneUtilities Underground Utilities Underground Utilities Underground UtilitiesAccept/Date 03/10/12 12/09/11 02/21/12Close Date 04/27/12 04/30/12 03/13/12Orig List Price $ 134,900 $ 109,900 $ 134,900List Price $ 129,900 $ 109,900 $ 134,900Sold Price $ 135,000 $ 114,000 $ 134,900List Price/SqFt $ 77.60 $ 65.65 $ 74.20Sale Price/SqFt $ 80.65 $ 68.10 $ 74.20SP/LP Ratio 103.93% 103.73% 100.00% ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 5. Comparative Homes 4865 LONE GROVE DR 7708 HARDESTY CTRef # 1224343 1118993Status S SProperty Subtype SFR SFRCounty Clark County Clark CountySubdivision BLUE DIAMOND RANCH UNIT 1 BLUE DIAMOND RANCH UNIT 3Community Name None NoneBldgDesc Two Story Two StoryPropDescSqFt 1,818 1,976Year Built 2004 2002Repo/REO Y NShort Sale N YBedrooms 5 3Full Baths 3 23/4 Baths 0 0Half Baths 0 1Bed/Bath Down? F 1/2Flooring Linoleum/Vinyl, Carpet Tile, Carpet# Fireplaces 0 0Interior Desc None Blinds# Garages/Desc 2 / Auto Door Opener(s) 2 / Attached# Carport/Desc 0 0Construction Frame & Stucco Block & StuccoRoof Tile Like Tile LikeExterior Desc Covered Patio Deck, PatioLot SqFt 4,356 7,527Lot Desc Under 1/4 Acre, Corner Under 1/4 AcreFence Desc Backyard Full Fenced, Block Partial, BlockPrivate Pool N NPrivate Spa N NHeating Central CentralHeating Fuel Gas GasCooling Central CentralSewer Public PublicWater Public PublicEnergy Desc None NoneUtilities Underground Utilities Underground UtilitiesAccept/Date 02/28/12 03/30/12Close Date 03/27/12 05/21/12Orig List Price $ 133,800 $ 139,000List Price $ 133,800 $ 124,900Sold Price $ 143,800 $ 120,000List Price/SqFt $ 73.60 $ 63.21Sale Price/SqFt $ 79.10 $ 60.73SP/LP Ratio 107.47% 96.08% ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 6. Presented by: Jeffrey Mix A Property for Your Consideration . . . Orange Realty Group LLC jeff@lvshortsales.com Phone: 702-617-0000 Fax: 888-711-1778 Agent: 702-510-9625Clark County 7724 PACIFIC RIM CT $ 129,900Virtual Tour:Ref #: 1184447 Status: SSubdivision:BLUE DIAMOND RANCH UNIT 3Short Sale: NForeclosure Commenced: NRepo/REO: YBedrooms: 4Full Baths: 23/4 Baths: 0Half Baths: 0#Den/Oth: 0#Loft: 0SqFt: 1,674 Click here for map viewYear Built: 2003 / ResalePropSubTyp: Single Family ResidentialLot Sqft: 4,356PropDes:Garages: 2 / AttachedCarports: 0RECENTLY REMODELED!!! THIS HOME IS A STYLISH 4 BEDROOM 2 BATHROOM HOME LOCATED INSOUTHWEST LAS VEGAS. THE INTERIOR HAS OAK CABINETS, NEW CARPET AND VINYL FLOORING,AND AN OVERSIZED MASTER BEDROOM WITH A WALK-IN CLOSET. IT IS CONVENIENTLY LOCATEDNEAR SHOPPING AND SCHOOLS. THIS HOME IS READY FOR IMMEDIATE OCCUPANCY AND ISAPPROVED FOR HOMEPATH AND HOMEPATH RENOVATION FINANCING!!!Construction:Frame & StuccoInterior Features:DrywallExterior Features:NonePrivate Pool/Description:NLot Description:Under 1/4 AcreDirections; FROM 1-15 & BLUE DIAMOND GO WEST, N ON ARVILLE, E ON GRACEMONT, N ON PACIFIC RIM. THE HOME IS ONYOUR RIGHT. ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 7. Presented by: Jeffrey Mix A Property for Your Consideration . . . Orange Realty Group LLC jeff@lvshortsales.com Phone: 702-617-0000 Fax: 888-711-1778 Agent: 702-510-9625Clark County 7723 WHITESBORO CT $ 109,900Virtual Tour:Ref #: 1204969 Status: SSubdivision:BLUE DIAMOND RANCH UNIT 3Short Sale: YForeclosure Commenced: NRepo/REO: NBedrooms: 4Full Baths: 23/4 Baths: 0Half Baths: 0#Den/Oth: 0#Loft: 0SqFt: 1,674 Click here for map viewYear Built: 2002 / ResalePropSubTyp: Single Family ResidentialLot Sqft: 4,500PropDes:Garages: 2 / Attached, Entry to House, Finished InteriorCarports: 0Stunning single story home sits in spacious lot. Features 4 bedrooms, 2 full baths, 2 car garage.Open floor plan, vaulted ceiling in living room with a cozy fireplace. Nice laminate wood flooringthroughout. Large granite countertops, breakfast bar and pantry in kitchen. Quaint backyard withcovered patio. Master bed w/ walk-in closet,separate shower/tub. In close prox to schools,parksand dining. Make an offer today!Construction:Frame & StuccoInterior Features:NoneExterior Features:Back Yard Access, Covered PatioPrivate Pool/Description:NLot Description:Under 1/4 AcreDirections; Frm 15 and Blue Diamond, W on Blue Diamond, R on Decatur, R on Robindale, R on Sedalia, L on Gracemont, L onWhitesboro ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 8. Presented by: Jeffrey Mix A Property for Your Consideration . . . Orange Realty Group LLC jeff@lvshortsales.com Phone: 702-617-0000 Fax: 888-711-1778 Agent: 702-510-9625Clark County 4780 THACKERVILLE AV $ 134,900Virtual Tour:Ref #: 1207043 Status: SSubdivision:BLUE DIAMOND RANCH UNIT 1Short Sale: NForeclosure Commenced: NRepo/REO: YBedrooms: 5Full Baths: 23/4 Baths: 1Half Baths: 0#Den/Oth: 0#Loft: 0SqFt: 1,818 Click here for map viewYear Built: 2002 / ResalePropSubTyp: Single Family ResidentialLot Sqft: 3,501PropDes:Garages: 2 / Attached, Entry to HouseCarports: 0NICE 2 STORY WITH 5 BEDROOMS AND 3 BATHROOMS. OPEN FLOOR PLAN. CARPET AND CERAMICTILE FLOORING. BACKYARD OFFERS A COVERED PATIO. THIS IS A MUST SEE!Construction:Frame & StuccoInterior Features:NoneExterior Features:Back Yard Access, Covered PatioPrivate Pool/Description:NLot Description:Under 1/4 AcreDirections; NORTH ON DECATUR FROM BLUE DIAMOND, RIGHT ON WINDMILL, LEFT ON CAMERON, LEFT ON PAGOSA SPRINGS,LEFT ON PLAVILLE, RIGHT ON THACKERVILLE TO PROPERTY. ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 9. Presented by: Jeffrey Mix A Property for Your Consideration . . . Orange Realty Group LLC jeff@lvshortsales.com Phone: 702-617-0000 Fax: 888-711-1778 Agent: 702-510-9625Clark County 4865 LONE GROVE DR $ 133,800Virtual Tour:Ref #: 1224343 Status: SSubdivision:BLUE DIAMOND RANCH UNIT 1Short Sale: NForeclosure Commenced: NRepo/REO: YBedrooms: 5Full Baths: 33/4 Baths: 0Half Baths: 0#Den/Oth: 0#Loft: 0SqFt: 1,818 Click here for map viewYear Built: 2004 / ResalePropSubTyp: Single Family ResidentialLot Sqft: 4,356PropDes:Garages: 2 / Auto Door Opener(s)Carports: 0CUTE 2 STORY HOUSE WITH 5 BEDROOMS AND 3 BATHROOMS! PROPERTY IS LOCATED ON ACORNER LOT! COVERED PATIO IN BACKYARD! NEW CARPET AND FRESH PAINT!!! DONT MISS OUTON THIS BEAUTIFUL HOME!!Construction:Frame & StuccoInterior Features:NoneExterior Features:Covered PatioPrivate Pool/Description:NLot Description:Under 1/4 Acre, CornerDirections; FROM BLUE DIAMOND AND DECATUR GO NORTH ON DECATUR. RIGHT ON LONE GROVE. ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 10. Presented by: Jeffrey Mix A Property for Your Consideration . . . Orange Realty Group LLC jeff@lvshortsales.com Phone: 702-617-0000 Fax: 888-711-1778 Agent: 702-510-9625Clark County 7708 HARDESTY CT $ 124,900Virtual Tour:Ref #: 1118993 Status: SSubdivision:BLUE DIAMOND RANCH UNIT 3Short Sale: YForeclosure Commenced: NRepo/REO: NBedrooms: 3Full Baths: 23/4 Baths: 0Half Baths: 1#Den/Oth: 0#Loft: 0SqFt: 1,976 Click here for map viewYear Built: 2002 / ResalePropSubTyp: Single Family ResidentialLot Sqft: 7,527PropDes:Garages: 2 / Attached, Entry to House, Finished InteriorCarports: 0NICE 3 BEDROOM + loft, 3 BATH, 2 CAR GARAGE ON A CORNER LOT.Construction:Block & StuccoInterior Features:BlindsExterior Features:Deck, PatioPrivate Pool/Description:NLot Description:Under 1/4 AcreDirections; TAKE 1-15 SOUTH TO BLUE DIAMONE, W TO DECATUR, R TO ROBINDALE, R TO ARVILLE, R TO GRACEMONT, R TOHARDESTY. ** GLVAR Deems Information Reliable, But Not Guaranteed ** 06/06/12 8:36 PM
  • 11. Property Condition ReportCase Number: 332-452951 Contract Area: 1SCurrent Step: 2-Appraisal Complete Address: 4863 PAGOSA SPRINGS DRIVEStep Date: 05/29/2012 City, St Zip: LAS VEGAS, NV 89139-0000HOC: Santa Ana Property Condition Report Item Description/Condition Item Functionality Functionality/Test Notes _____________________________________________________________________________________________________________________Cooling/Air-Conditioner: OK HVAC tested and Via generator. Split system gas furnace functional?: Yes visually appeared functional at the time--Heating/Furnace: OK of--HVAC System Duct: OK the inspection but gas inactive. Electric Ac unit was functional at the time of the _____________________________________________________________________________________________________________________Electrical Wiring: OK Electric supply Via generator. Electric system was tested and functional at the time of the inspection. --Other: OK functional?: Yes --Other: OK _____________________________________________________________________________________________________________________Stove/Range/Oven: OK Built-in appliances Via generator Refrigerator is missing. tested and Stove,dishwasher microwave and --Kitchen Cabinets: OK disposal functional?: Yes are functional.A Gas range stove --Other: Missing appeared functional but gas inactive _____________________________________________________________________________________________________________________Plumbing: OK Water supply via active water supply plumbing system tested and functional at time of inspection --Sink: OK functional?: Yes --Other: OK _____________________________________________________________________________________________________________________Water Heater: OK Water heater gas water heater has no visible damage functional?: Yes at time of inspection _____________________________________________________________________________________________________________________Sewer/Septic System: OK Sanitary & system is functional no sings of leaks or plumbing system backups noted at drains or traps --Toilet: OK functional?: Yes --Other: OK _____________________________________________________________________________________________________________________ Roof: OK Roofing in visual inspection via perimeter. roof is in acceptable acceptable condition. no active leaks at --Other: OK time condition?: Yes of inspection
  • 12. NV MLS Addendum for all BLB Resources, Inc. HUD HomesPROPERTY ADDRESS: 4863 PAGOSA SPRINGS DR., LAS VEGAS, NV 89139 FHA CASE #332-452951• HUD Home, sold “AS IS” by electronic bid only.• For bid submission, forms, and more information, please visit www.HUDHomestore.com.• BLB Resources makes no warranty as to current or future existence of mold in this property and is not liable for the potentially harmful effects thereof.• For additional forms, updates, step-by-step videos & free photo list, please visit www.BLBResources.com• Buyer to verify all information.• Room sizes are approximate.• Properties that are listed as IN and IE are available exclusively for owner occupant, nonprofit and government agency bidders for the first 30 days on the market. Please note the initial bid review is on the 11th day of listing. All bids received during the first 10 days are opened and reviewed simultaneously on the 11th day. If no acceptable offers are received, bids are reviewed on a daily basis (Monday – Friday) until the exclusive 30 day owner occupant period expires. Properties are then available for all bidders, with bids reviewed daily (Monday – Friday).• Properties listed as UI or UK are available exclusively for owner occupants for the first 5 days on the market, with all bids received during this period opened and reviewed simultaneously on the 6th day. If no acceptable bids are received, the properties are then available for all bidders, with bids reviewed daily (Monday – Friday).• Disclosures/ Repairs – Disclosures: HOA Management fee of $28.29 Quarterly: CAMCO NEVADA. Misc.: Listing Broker 3% of purchase price, Selling Broker up to 3% of purchase price. Note: See attachment: Important Reminders Regarding Bidding and Lending on HUD Homes Rev 5-23-12, and other attachments.
  • 13. When you bid above the FHA As-Is Appraised Value, please note the following guidelines:We encourage buyers to submit their bid based on what they believe to be the appropriate marketvalue for the property. However, please be aware that the purchase price for all financed transactionsmust be supported by the as-is appraised value of the property. Please note that this differs fromstandard real estate sales, in which the buyer may renegotiate the purchase price based on theappraised value. If the buyer wishes to renegotiate the purchase price of a HUD Home, the contractmust be cancelled and the property will then be placed back on the market, available for all bidders.For FHA Financing: • If the buyer is using FHA financing, and BLB Resources has a current appraisal on file, the buyer’s lender must use our FHA appraisal to determine financing limits. If the buyer overbids the as-is appraised value, they cannot order a new FHA appraisal just to support the overbid. Instead, the purchaser will be responsible for the difference between purchase price and as-is appraised value in cash. o Please reference Mortgagee Letter 00-27 if you have any questions regarding this policy. • Please note that the as-is appraised value and the list price are usually the same at initial listing. However, we may process a price reduction on the property, leading to situations where the list price will be less than the as-is appraised value. The buyer’s bid amount might be more than the reduced list price yet less than the as-is appraised value. In this situation, the buyer would not be required to come up with the difference between the purchase price and the list price, because the purchase price is still less than the as-is appraised value. The requirement to pay the difference in cash only applies if the buyer overbids the as-is appraised value (which the buyer may do even if the list price has been reduced), so please be mindful of the as-is appraised value vs. the actual list price. • If the appraisal is over 4 months old at the time of contract ratification, the buyer will be required to obtain a new FHA appraisal at the buyer’s expense. However, please note that the lender may extend the term of the appraisal for 30 days to allow the loan to close. Please reference HUD Handbook 4155.2 § 4.4.f FHA Policy on Appraisal Extensions if you have any questions regarding this policy.For Conventional Financing: • The buyer’s lender will order a new appraisal. However, the appraised value must meet the purchase price, or the buyer will need to come up with the difference in cash between their appraised value and the purchase price.Rev. 5-18-12
  • 14. For properties that have escrow repairs, please note the following guidelines:Properties listed as Insurable with Escrow (IE) qualify for FHA 203(b) with Repair Escrow. This dispositionrepresents properties that have MPR (Minimum Property Requirement) repairs which must beaddressed post closing. The MPR repairs cannot total more than $5,000, except in cases where the 10%contingency causes the increase in escrow, and is the financial responsibility of the buyer.The repair escrow is never a credit to the buyer. The purchaser must finance the repair escrow with thelender writing the FHA loan. The lender holds the money for repairs in an escrow account until they arecompleted. FHA allows up to 90 days after closing for MPR repairs to be completed, however somelenders may have different MPR repair deadlines. Once the repairs have been completed for theproperty, the lender will inspect the contractor’s work and disburse the funds to the appropriate parties.The repair escrow only applies to FHA 203(b) financing. The repair escrow does not apply to financingoutside of 203(b) or to cash purchases. If the buyer is using non-FHA financing (e.g. conventional, USDA,VA, etc.) or paying cash, the repair escrow amount is not applicable.Rev. 5-14-12