What they are looking for in appraisal?

[jules0580]

FHA will require certain repairs yes, just because they wont allow certain safety issues, such as chipping paint in older houses, mold issues, wet basements etc. But other repairs no they will not require if you are borrowing less then the house is worth without the repairs.

[chan85]

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@jules0580 wrote:

FHA will require certain repairs yes, just because they wont allow certain safety issues, such as chipping paint in older houses, mold issues, wet basements etc. But other repairs no they will not require if you are borrowing less then the house is worth without the repairs.

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Ok, that makes me feel better. The house is pretty much up to code, it has tenants in it so nothing major ir wrong with it besides the wiring and deck. I think I have eased my fears somewhat!

[Booner72]

I believe repairs must be done by a certified person, but I have heard of buyers "breaking into" the property in the middle of the night to repair stuff before the appraiser comes for obvious issues that will need repaired. 

What is the correct answer on who can do repairs?

And remember, if repairs Are needed, the appraiser has to come back out and check - this kinda thing can definitely delay the closing.  Some of it is just pure silliness, but the safety stuff makes sense.

Also - when buying a house as is from a bank, do you think they really would consider lowering the price for appraisal repairs?

[chan85]

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@Booner72 wrote:

I believe repairs must be done by a certified person, but I have heard of buyers "breaking into" the property in the middle of the night to repair stuff before the appraiser comes for obvious issues that will need repaired. 

What is the correct answer on who can do repairs?

And remember, if repairs Are needed, the appraiser has to come back out and check - this kinda thing can definitely delay the closing.  Some of it is just pure silliness, but the safety stuff makes sense.

Also - when buying a house as is from a bank, do you think they really would consider lowering the price for appraisal repairs?

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That's a good question! Anyone have any answers??

[Jazzzy]

Per my real estate appraiser husband....

Potential buyers and home sellers often perform the required repairs. In many cases, one side will buy the materials and the other will perform the labor, helping to share the burden and cost.

That said, items such as a roofing inspection must be done by a qualified inspector. Also, in many states there are statutes as to who can perform plumbing or electrical repairs. Painting and cosmetic repairs can be done by anyone.

(Hint: Don't just paint over flaking paint. Many appraisers will require that you start over and do it again...causing the expense to both buyer and appraiser of another trip to the property for a 2nd final inspection.)

[chan85]

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@Jazzzy wrote:

Per my real estate appraiser husband....

Potential buyers and home sellers often perform the required repairs. In many cases, one side will buy the materials and the other will perform the labor, helping to share the burden and cost.

That said, items such as a roofing inspection must be done by a qualified inspector. Also, in many states there are statutes as to who can perform plumbing or electrical repairs. Painting and cosmetic repairs can be done by anyone.

(Hint: Don't just paint over flaking paint. Many appraisers will require that you start over and do it again...causing the expense to both buyer and appraiser of another trip to the property for a 2nd final inspection.)

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You guys ar such a wealth of information! That's great information! I'm feeling better and better about this appraisal coming back and me being able to handle it, just hope they get the price right!

[Anonymous]

I know this post is about a month old, but I wanted to add what happened when we needed our repairs. The sellers would not pay the repairs, so we added the total price to our loan. We had to use a Fannie Mae approved inspector (per USDA requirements) and they did the work up front. Speaking of - we actually had chipping paint issues too. This, however, was on the front porch where someone had painted the concrete. It was painted over and we were fine. Probably because the paint was so old that you couldn't tell there was paint on it to begin with. Lol. Hopefully you have your appraisal worked out by now. If not, best of luck!