The dreaded question you hate to hear from your clients lender.. Is there a recorded Private Road Maintenance Agreement? UGH...

Don’t let this stop your clients from closing on their dream home. If the current property doesn’t have a recorded private road maintenance agreement (PRMA), the attorney and their lender should be able to execute a PRMA that states the buyers will maintain their share of the road. Give me a call if your clients lender will not allow that!

Below are current lending guidelines around PRMA-

Fannie Mae – requires PRMA or evidence the private road is maintained by the HOA (if the appraiser indicates that it’s maintained by the HOA you should do not need anything else).   

Freddie Mac– doesn’t require a PRMA but they do require evidence of a permanent easement or evidence the road is maintained by the HOA.

FHA – doesn’t require a PRMA but they do require evidence of a permanent easement or evidence the road is maintained by the HOA.  

VA – requires PRMA or evidence the private road is maintained by the HOA (if the appraiser indicates that it’s maintained by the HOA we do not need a PRMA)  AND evidence of a permanent easement.

Creative ideas to help your clients “win” their offer and beat out all the multiple offers:

Buyers shall pay for ONE YEAR’s Netflix subscription for Sellers.

Buyers shall pay up to $300 towards professional car detailing of Sellers’ vehicles.

Buyers shall name first born child after either of the Sellers.

Buyers to pay for professional house cleaning of Seller’s future residence.

Buyers shall hire a taco truck  to feed up to 30 people to  assist in Seller’s moving party.

For Pete’s Sake, please accept our offer that’s $50,000 above asking price so that we may have a home!

***These are actual creative ideas that a coworker in California shared*** 😊 😊 😊 😊 😊 😊 😊 shared from Margo Levi of Movement Mortgage.