[Kelvin Tavarez]

The combination of higher mortgage rates and increased housing inventory is interesting because it gives buyers more room to negotiate, even though financing remains expensive. Homeowners also need to consider costs beyond the mortgage payment, including insurance, property taxes, maintenance, and unexpected repairs.

For buyers considering an older property, checking the condition of major components before closing can help avoid unexpected expenses. The roof, plumbing, electrical system, and other costly areas are worth reviewing as part of the overall property assessment.

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[Kelvin Tavarez]

A conventional loan can still be possible with an “as-is” property, but the condition of the deck could become an issue if the appraiser considers it a safety or structural concern. The lender and underwriter will generally look at the appraisal and any required repairs or conditions before approving the loan.

I’d ask the lender to review the situation before getting too far into the process. It may also be worth getting a written estimate from a qualified contractor so you know the likely repair cost and can determine whether the property still makes financial sense.