FHA Appraisals what you need to know.

An appraisal for an FHA loan involves a higher degree of reporting of certain property attributes than a conventional loan valuation. The following information is to assist the home owner and Realtors involved in FHA transactions to save valuable time by making sure the property in question meets and or exceeds FHA's minimum requirements.

One of the most obvious and easily rectifiable items is peeling chipping and scaling paint. Due to the possibility of lead in paint on homes built prior to 1978 FHA requires that any peeling paint be repaired. Most home owners have paint left over from the homes most recent paint job. If there is peeling paint anywhere on the property grab a brush and some paint and cover the peeling areas. Be sure to remove any paint chips which may fall on the ground.

FHA requires the house's roof have at least two years remaining life. As an appraiser is not a home inspector, the appraiser will be looking for obvious roof damage, multiple patches on the roof and or ceiling discoloration which will be an indication of possible water infiltration. If the home's roof had a leak which has been repaired the home owner should mediate any ceiling discoloration by painting the affected area.

The appraiser is required to perform a head and shoulders inspection of the subject property's attic area and crawl space if the home features these areas. It is the home owner's or the owner's agent's responsibility to provide the appraiser access to these areas.

FHA requires the home's utility services to be on and operational at the time of inspection. The home is required to have a permanent source of heat and any appliances which are present in the home should be functioning properly at the time of inspection. The appraiser is also required to notate any health and safety items which may be observed at the time of the appraisal inspection. Examples of such items include but are not limited to; broken tile, trip hazards, possible mold infestation indicated by biological matter growth on the interior surfaces, broken windows, open septic tanks, etc....

If the home has security bars on the windows, any room which does not have a direct exit to the exterior of the home should have safety release mechanisms, if there is no safety release mechanisms the security bars should be removed from rooms without direct egress prior to the appraiser's inspection of the property..

Paying attention to the items listed above will save all parties involved in the transaction valuable time. If any of these items are reported by the appraiser they will need to be rectified and the appraiser will have to return to the property to verify any required repairs have been made. This will not only be at an additional cost to the party paying for the appraisal but will add to the time spent on the real estate transaction process.

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