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NFT: Question for any Home loan professionals..

MTN-G-man : 2/10/2019 1:37 pm
My Daughter is having difficulty getting financing on a home because the shared well is supporting more than 4 houses.
Any way to get around this problem?
Is there a shared well agreement in place  
bigblue12 : 2/10/2019 2:48 pm : link
For the homes?
Yes  
MTN-G-man : 2/10/2019 2:57 pm : link
But any place she has tried to get a loan says that it can't service more than 4 homes.
I  
Eli owns all : 2/10/2019 3:04 pm : link
Dont see how shes going to get a loan. Requirements on hud and fha loans is 4. They need to confirm to the secondary market which is fnma and Freddie Mac guidelines. If shes buying it Id walk away.
have any  
jestersdead : 2/10/2019 3:05 pm : link
of the other 4 homes sold recently? If so, it cant hurt to door knock and see who they used
The sellers I assume  
allstarjim : 2/10/2019 5:40 pm : link
are just as motivated to sell their house as your daughter is to buy it, except that they have a bigger problem than your daughter. Your daughter can simply walk away and buy another house, but the sellers will need a cash buyer to buy their house because of the lack of marketability of any mortgage on their house. Depending on the specific property, that can be very difficult to do and perhaps not even realistic.

I would have her agent talk to the listing side or seller and see if they can't find a solution in which a new well is dug by a certified contractor as a condition of the sale.
Where is the house  
The 12th Man : 2/10/2019 10:17 pm : link
Located?
The home is located  
MTN-G-man : 2/11/2019 2:21 pm : link
in a rural section of Asheville,NC
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