Buyers switching from conventional to FHA loan…

Please point me in the right direction if this is the wrong place to ask my question.

My husband and I are selling our home. We have a buyer who is splitting the house with his sister and we were set to close on the 13th, in 2 days. We just got an email from our realtor stating that one of the buyers work hours was cut and wont make enough to qualify now. They are wanting to have his mother co- sign and switch to an FHA loan.

I asked our realtor but haven’t gotten a response yet..and dont want to wait lol

Are we going to need a second inspection? And if we are not willing to repair anything, are we allowed to back out of the sale? It was marked as a conventional loan on all the paperwork we’ve signed and we are positive there would be repairs we would have to do (chipping paint on the back patio beams and the built in outdoor kitchen with a sink without running water and a crack on the driveway) things we just dont want to pay for since we already agreed to a 10k price cut after appraisal came in a bit lower. Also we are in AZ if that makes a difference.

I can clarify more if i need to, I just dont know what other info is necessary. Thank you in advance.

submitted by /u/Trowawaybuttbutt
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Please point me in the right direction if this is the wrong place to ask my question. My husband and I are selling our home. We have a buyer who is splitting the house with his sister and we were set to close on the 13th, in 2 days. We just got an email from our realtor stating that one of the buyers work hours was cut and wont make enough to qualify now. They are wanting to have his mother co- sign and switch to an FHA loan. I asked our realtor but haven’t gotten a response yet..and dont want to wait lol Are we going to need a second inspection? And if we are not willing to repair anything, are we allowed to back out of the sale? It was marked as a conventional loan on all the paperwork we’ve signed and we are positive there would be repairs we would have to do (chipping paint on the back patio beams and the built in outdoor kitchen with a sink without running water and a crack on the driveway) things we just dont want to pay for since we already agreed to a 10k price cut after appraisal came in a bit lower. Also we are in AZ if that makes a difference. I can clarify more if i need to, I just dont know what other info is necessary. Thank you in advance. submitted by /u/Trowawaybuttbutt [link] [comments]

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