• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

LBP -- Conventional Loan

Status
Not open for further replies.

ZZGAMAZZ

Elite Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
Fact: HUD considers LBP an issue significant enough that it will refuse to insure a loan until the potential H&S issue is remediated.

Question: How do appraisers describe chipped & peeling paint on improvements prior to 1978 for a conventional loan assignment? If this issue exists is it described as a potential H&S hazad?

Statement: An issue as salient as this should be fully addressed/described regardless of the type of loan. The only difference would be that the report for a conventional loan is not conditioned subject to remediation.
 
Last edited:
I would just write a statement indicated that the deferred maintenance includes chipped and peeling paint maybe with a reminder that the house was built prior to 1978.

It would be an unusual house that had not been repainted in 30 years.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Back
Top