Passing the FHA Appraisal- 3 Quick Tips

Passing the FHA Appraisal- 3 Quick Tips

by | Jul 22, 2015 | FHA

Do you have an upcoming FHA Appraisal on your property? FHA Appraisals are quite thorough. If there’s anything even slightly wrong with your property, and a good FHA appraiser will find it. Here are 3 tips to ensure your property passes your FHA appraisal with flying colors.    1. The FHA does not permit damaged or chipping paint anywhere on the property– this is easily the most common problem we encounter that causes a property to fail an FHA inspection.  Often times, FHA repairs need to be completed in a short period of time.  There are all sorts of little tidbits of information you might need to know about painting, but most of these can be answered at your local hardware store. It’s also noteworthy that whether the interior paint is chipping or not, homes built before 1978 will still need to have the interior scraped and re-painted, as it’s very likely the walls were painted with lead-based paint, which is a no-no in the FHA handbook. The most important piece of information we’ll pass along is this- you can’t rush painting.  Different surfaces need different types of paint; different types of paint need different weather conditions and different amounts of time to dry. 2.  Make sure all of the utilities are working properly.  Now remember that real estate appraisers and home inspectors do different things– but when it comes to an FHA appraisal, they do have a shared responsibility to make sure the utilities are functional.  Make sure all of the lights and faucets turn on and off, and that hot and cold water flow properly.  These repairs cannot be...
FHA Secrets: The Three S’s You Must Know

FHA Secrets: The Three S’s You Must Know

by | May 20, 2015 | FHA, Real Estate Terminology, Uncategorized

For a Federal Housing Administration (FHA) loan to be approved, a home has to meet more qualifications and standards than your average conventional loan.   The roof can’t leak, the wires can’t show, the floors can’t creek, the paint can’t crack… and the list goes on.  and on.    As FHA appraisals are a bit more complex, real estate appraisers have to get additional certification to perform them.  The real estate community usually simplifies whether or not a home will qualify for an FHA loan by whether or not it satisfies the 3 S’s: Safety,  Soundness, and Security.   The First “S” is Safety.   In FHA terms, “Safety refers to the health, habitability and sanitary condition of the property.”   The majority of properties that fail an FHA appraisal do so because they aren’t safe.  This applies to places in the home that could potentially harm it’s occupants.  Here are just a few of the most common safety hazards that cause homes to fail an FHA appraisal:   Chipping or peeling paint in homes built before 1978  Damaged or missing handrails on stairs, decks, etc. Exposed electrical wiring (anywhere) Missing carbon monoxide and smoke detectors Mold or rot anywhere in the home Utilities not being safely grounded Outdated well or septic systems Poor topography (such as a yard that doesn’t divert water flow away from the house, or a large ditch in the back yard)   Signs of termite infestation   The biggest question you can ask yourself when it comes to the safety test is this: would I feel comfortable letting my kids play in this home?  If the answer is no, some repairs or...