I'm in the process of purching a home built in the 1920s. It is very well maintained, but there are maybe 7-8 areas of paint chipping on the exterior. The house has been repainted within the last five years.
If the FHA appraisal/inspection requires the chipping areas to be scraped/repainted, how/when does this happen? How does it fit into the application -> closing timeline in relation to underwriting and everything else that has to be done?
My concern is -- what if the house is appraised and you fix repairs, but then find out you've been denied in underwriting? You've just fixed up another person's house. That can't be right... So how and when does the appraisal and necessary repairs come in to play?
The seller should be making those repairs.
Our contract has 50/50 split for FHA repairs up to a maximum of $500 -- at which point we can renegotiate or walk.
your realtor ahould be advising on this.
you dont want to repair someone else's home.
timeline? it is agreed upon and can be any amount of time i guess.