Will my home pass an FHA appraisal? What do Appraisers Look for during an FHA Appraisal? – Tips on passing for FHA Financing.
I
frequently come across lenders, agents, and home owners that ask me
what appraisers look for during an FHA Inspection and what specific
items would pass. In this post, I am going to try to give you a better
understanding of what you need to do in order for your home to pass FHA
appraisal requirements.
In order to understand if your home will pass an FHA inspection, you first need to understand that the appraiser is not a Home Inspector. An appraiser is someone who determines the current market value of
your home. The appraiser reports only what he sees and is visibly
noticeable to him. The inspector will inspect the home more in depth to
determine the condition of the property and to see if all the
mechanicals are running correctly. The inspector will also test
plumbing, electrical, and gas.
There are three key terms to better understand if your home will pass an FHA appraisal:
1) SAFETY – Does
anything in the home affect the safety of anyone who may be in the
home? You will need to take a look around and see if anything can pose a
threat to anyone in the home, big or small. Are there stairs leading
downstairs that are missing a hand rail or can potentially cause someone
to fall? Is there a deck in the rear that is wobbly and can possibly
collapse? Is there paint peeling in the kitchen above the cooking area?
Perhaps a door has a broken knob which would be susceptible to someone
easily breaking in? Is there a broken window in the living room? These
are all issues for concern and all of these would need to be fixed or
replaced. You will need to use your judgment and common sense to see if
anything would affect the safety of anyone occupying the home.
2) SECURITY – Security
is not something that affects one’s actual safety such as a break in,
it is the factor that affects marketability. Is the home located near a
highway or rail road tracks? Is it located next to a large commercial
building? Both of these scenarios could cause external noise that could
possibly decrease market value. Is there a power line in the rear of the
home that is going across the top of your pool? All of these examples
would not prevent one from passing FHA Inspection, but instead would be a
negative factor that would have to be addressed. The appraiser would
need to use similar comparables located with similar external issues.
3) SOUNDNESS– Soundness
basically relates to the parts of the home that make up the foundation,
roof, basement, and anything that supports the structure of it. If
there are any issues that cause damage or concern, they will be
addressed in the report. Did you have a leak in the roof and now there
is damage that is noticeable on the ceiling? If so, you should show
proof to the appraiser that it was repaired. There are many types of
issues that can occur, however look for the ones that really stick out
to you.
Take
a walk around your home or have someone else do it who will not be
biased. You will need to use common sense here. When walking around and
you notice something affecting one of the three S’s: SAFTY, SECURITY, and SOUNDNESS,
fix it or replace it so that it will be secure. If you noticed it, then
odds are the appraiser will notice it. For a full detailed list of
requirements for FHA please download Handbook 4150.2
Listed
below are many common issues that occur when appraisal inspections take
place. Please note that there are many other items not listed in this
article, however seeing some of these may help you have a better
understanding of what these types of issues may be:
· Missing Handrails (minimum 3 steps)
· Cracked doors or windows
· Carpet torn or ripped up
· Noticeable infestation
· Is it on a busy road? Lots of traffic? Commercial or industrial?
· Gas and/or Flammable tanks can’t be within 300ft of home
· Appraisers need to check the Attics as well as Crawl spaces
· Smoke Alarms
· Roof—Shingles Missing, broken, curling, missing tabs
· Proper Ventilation
· Utilities must be on at the time of inspection
· Water pressure from sink after flushing toilet
· Structural Conditions –Floor Support, Framing, Walls, Ceiling
· Exposed Wires
· Paint Peeling—Make sure it is not lead based for homes built prior to 1978
· Drainage problems
Please
let me know if I can help you sell your home in Chicago. I will be sure
to FHA proof your home so that no buyers are turned away when making an
offer. So next time you are wondering if your home will pass an FHA
appraisal, now you have the answer. Don’t let another deal slip away!
To view some of my listings available for FHA financing, please search here.
Thank you!
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