I am an FHA approved appraiser in Texas. I have always understood that any decay is considered to be a defective condition and must be remedied. This includes trim at the bottom of doors, around garage doors, etc.
I was told by recently be a fellow appraiser that only decay that is thought to affect the structural integrity required mandatory repair. That is, minor wood rot around trim areas should not be required for repair.
I find nothing in Mortgagee Letter 2005-ML-48 that lessens the repair requirement for decay. Please give your thoughts and opinions.
I guess the final question is----Does all decay (rotten wood) have to be repaired no matter how minor?
I was told by recently be a fellow appraiser that only decay that is thought to affect the structural integrity required mandatory repair. That is, minor wood rot around trim areas should not be required for repair.
I find nothing in Mortgagee Letter 2005-ML-48 that lessens the repair requirement for decay. Please give your thoughts and opinions.
I guess the final question is----Does all decay (rotten wood) have to be repaired no matter how minor?
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