FHA Appraisals and Required Repairs: Unlock the Secret
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- Опубліковано 29 сер 2024
- Buying a home with an FHA loan can be an exciting and fulfilling experience, but it's important to understand the FHA's minimum property standards and the required repairs that may be necessary. In this video, we'll explore everything you need to know about FHA appraisal repairs. We'll walk you through the appraisal process, explain what kinds of repairs are typically required, and share some tips for negotiating with the seller to ensure that the necessary repairs are made before you close on the property. Whether you're a first-time homebuyer or a seasoned real estate investor, this video is a must-watch for anyone looking to navigate the world of FHA appraisals and required repairs with confidence.
Read more: findmywayhome....
Required repairs are limited to those repairs necessary to maintain safety, security and soundness. Required repairs are those necessary to preserve the continued marketability of the property and protect the health and safety of the occupants.
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NMLS 103819/3152
Miles Pitcher - Superior Lending Associates, L.C.
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Peeling paint in homes built before 1978, which might be a lead hazard
Unpainted downspouts and broken rain gutters
Rotting outbuildings in need of demolition
Exterior doors that don't properly open and close
Exposed wiring and uncovered junction boxes
Major plumbing issues and leaks
Inoperable HVAC systems
Leaky or defective roofs
Roofs with a life expectancy of fewer than three years
Roof composition over shake
Active and pest infestations
Rotting window sills, eaves, or support columns on a porch
Missing appliances that are usually sold with a home (i.e. stove, fridge, etc)
Bedrooms without minimally-sized windows for egress or windows with bars that don't release
Foundation or structural defects
Wet basements
Evidence of standing water in crawl space
Inoperable kitchen appliances
Empty swimming pools without working pumps, and abandoned pools with mosquito fish
Ripped screens
No pressure relief valve on water heater
Leaning or broken fences
Peeling Paint in homes built after 1978
Cracked glass in windows
Minor plumbing defects, such as dripping faucet
Missing handrails
Damaged wall coverings in homes built after 1978
Worn-out carpeting or defective floor finishes
Beat-up or damaged exterior doors that still open and close
Tripping hazards, such as heaving sidewalks
Debris under house that requires removal
Poor workmanship
Evidence of previous or inactive pest infestation
Replacement of flat roofs
Testing of wells, unless its required by local jurisdictions or if the water is suspected of contamination
Learn about how to assume a FHA loan: ua-cam.com/video/wbgM8O8hTbY/v-deo.html
Excellent list of items the FHA appraiser will look at during their inspection. My wife is ALWAYS asking me "what about this" for required repairs. I would add to your list and probably the most important requirement are smoke / carbon monoxide detectors to be installed on each level of the home in the area adjacent the bedrooms and every bedroom within 3' of the door. There is an exception for carbon monoxide detectors where the home is all electric, no fireplace or attached garage, then no CO detector is required. 40+ years in construction, expert witness residential construction, home inspector and college teacher certifying home inspectors. Thanks again for the video !!!
Thank you for the 411!
You’re welcome!
How long to correct the issues reported?
First time home buyer… I wish I would have known all of this before I got to the appraisal part of my refinancing loan. Idk if I should be upset with myself for not doing the research first, or the mortgage lender for letting me get this deep into the process. I’m going to have to cancel the whole thing sadly.
FHA will also not loan on manufactured older than 1976 or 1978. There is a cutoff date in other words. The manufactured / mobile home also need to be anchored to a foundation system or a retrofit. This could cost as much as $6k and can be paid out of escrow by the seller and / or negotiated. USDA will not loan on any manufactured home older than 1 year.
Very informative, thank you! We just had our offer accepted yesterday. How often do FHA inspections and appraisal make a sale fall through?
Congrats on the offer acceptance. We usually don't have issues on appraisals with repairs as long as the realtors are experienced and knowledgeable.
Can this be done for VA loans as well?
Great question - let me research this and see if I can find out.
my friend bought a fha home about 2 yrs ago within the first 3 months or big rain the roof leaked the plumbing leaked and their insurance cancelled them they need help and some direction on what to do fha doesnt even talk to them its a bad situation
After you close on the house, it becomes your responsibility to fix any problems with it. Unfortunately, it is going to be at the cost of the homeowner to fix these issues now.