Conventional loan, peeling paint prior to 1978

[Ariba]

Cosmetic and part of overall condition. How much to paint ? Not that much .

Never mind the lead paint. Never mind the kids and grand kids that might eat the lead paint chip's.

 

[ZZGAMAZZ]

define conventional. Conventional non-conforming? (in house bank) Conventional - Fannie, Freddy, GSE? VA or FHA? WIki= Conventional loans are home loans offered by private lenders without any direct government backing. In other words, unlike FHA loans, they aren't insured or guaranteed by a government agency.


You are right. the non-conforming loan probably doesn't give a crap but if you don't provide an "as is" value for non-conforming conventional lenders your are likely to get a lot of grief. There is a difference between loan programs and you need to know the difference between when you are supposed to require remediation and when you are only going to recommend remediation.

Does an appraiser whose assignment is via an AMC usually, or ever, know which of the alternatives above (other than FHA vs Conventional) pertain to the assignment?

 

[Surf Cat]

Never mind the lead paint. Never mind the kids and grand kids that might eat the lead paint chip's.

How do you know it's lead paint as opposed to acrylic paint? Due to its construction prior to 1978?

Do you condition homes built prior to 1978 for remediation if the paint is "not" peeling and state the home's lead paint is encapsulated under layers of water-based paint?

I'm not asking this in a condisending manner....I'm just curious as to how you handle it.

 

[Terrel L. Shields]

Does an appraiser whose assignment is via an AMC usually, or ever, know which of the alternatives

ask if it is FNMA or Freddie - or is it non-conformity loan via bank (AIG applies) or a private non-bank lender. I want to know first before I would even bid on it.

 

[Ariba]

How do you know it's lead paint as opposed to acrylic paint? Due to its construction prior to 1978?

Do you condition homes built prior to 1978 for remediation if the paint is "not" peeling and state the home's lead paint is encapsulated under layers of water-based paint?

I'm not asking this in a condisending manner....I'm just curious as to how you handle it.

What is the problem if the paint is “NOT” peeling?

 

[ZZGAMAZZ]

How do you know it's lead paint as opposed to acrylic paint? Due to its construction prior to 1978?

Do you condition homes built prior to 1978 for remediation if the paint is "not" peeling and state the home's lead paint is encapsulated under layers of water-based paint?

I'm not asking this in a condisending manner....I'm just curious as to how you handle it.

Pre-1978 establishes a general assumption that the paint is lead-based; and the factor is conditioned only if chipping/peeling is visually observed on the Effective Date (least that's how I interpret the standards though I don't recall the scenario ever being addressed in writing, anywhere ever...)