VA Appraiser is mandating repairs - Guidance needed

[JStaver]

I am active duty (18 years) and I'm buying a new home in the N.E.. My offer for the house is 25K under asking and was accepted. The house was just appraised and in the remarks, they state that some rotted wood and a disclosed water issue MUST be repaired prior to loan approval. Can the inspector MANDATE this or is it a recommendation? :icon_question:
I have remodeled 2 prior houses I've owned and the wood trim is minimal and the water isssue is being caused by improper surface water removal and downspout usage. The water dumps right next to the foundation!

They owner was told her water that comes in through the cold joint between the basement floor and poured walls require a french drain to be cut in to the basement floor. My inspector says it's not needed (I agree) but the seller offered money in the P&S to correct this. The apprasier sees this in the P$S and now states this must be done along with some minor rotted trim near the downspouts from spalsh. What can I do, course of action. I'm set to move and close in 3 weeks...

 

[Lobo Fan]

I am not sure but I think that any and all pest inspection issues have to be resolved prior to closing. This would include any foundation or dry rot issues.

 

[JStaver]

Thanks for the quick reply. The rot is not in or near the foundation, rather around a few windows, 2 places on the fascia and the vertical corner boards. Really very minor. I guess the bottom line is I know the VA wants a solid property for the buyer, but is it the job of the appraiser to mandate this as part of the loan approval? Thanks

 

[Terrel L. Shields]

Unless they changed the rules, I do believe that the appraiser can order those repairs be done as a condition of the report. I am not that conversant with the current regs from VA but that's what I recall from classes. HUD and VA appraisers have a somewhat different mandate from Fannie Mae appraisers.

 

[Greg Bell]

There is MPR , Minimum Property Requirements , for habitability.The appraiser MUST note any conditions that the appraiser regards as not to MPR standards.Repair only the items noted in the report and they will re inspect and sign off.

 

[john mello]

Jim Staver,

Two criteria for VA appraisal. First criterion: minimum property requirements (MPR's). Is property safe & sound? Does it comply w/VA MPR's? If not, the 'defects' must be noted and reflected in appraised value (cost to 'cure' defects). Appraised value may be made 'subject to repair, etc., etc. Second criterion: are the 'defects' identified by the appraiser also typically found in comparable proeprties? If not, the difference (net cost to 'cure') should be reflected in the appraised value.

If property is in NY state, Manchester, NH is the regional VA office (VARO) for NY. If not done already, you or your potential lender may want to contact VARO/Manchester (Tel. 800-827-6311; X6) to see if a veteran's waiver of the identified 'defects' may apply.

 

[Don Clark]

Appraiser notes repairs/Underwriter requires repairs

I have been a VA appraiser since January 1992. The VA Fee Panel Appraiser notes any needed repairs to bring the subject to VA minimum property requirements(MPR's). It is up to the underwriter to require whether they be completed or not. From what you describe, I would have reccomended the same. And, just for the record, the VA is the client in a VA appraisal, and it is to protect the VA's position of guarantor of the loan. It is to the buyers beneifit as well to have necessary repairs completed. from what you describe i would call those necessary repairs.

 

[ccooper]

JStaver, as a vet myself and a former member of the VA panel, I suggest that you look at it from the appraiser's perspective. He has been given these detailed MPRs to ensure a property is "solid". If he fails to disclose these items then he could be "called on the carpet" and at a minimum, lose his VA panel status. If something is noticed by buyer and seller and is important enough to put into the contract or disclosure, then I would also be disclosing.

Remember, CYA

 

[Wendy]

P.S Has got acquainted with the girl, http://cyberblady.com, how it to you? Only it is fair!
P.S Has got acquainted with the girl, http://cyberblady.com, how it to you? Only it is fair!
P.S Has got acquainted with the girl, http://cyberblady.com, how it to you? Only it is fair!
P.S Has got acquainted with the girl, http://cyberblady.com, how it to you? Only it is fair!
P.S Has got acquainted with the girl, http://cyberblady.com, how it to you? Only it is fair!

What is this?

 

[Don Clark]

What is this?

Click on the link and see

Sounds like a "personals" we site