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LBP -- Conventional Loan

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ZZGAMAZZ

Senior 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.
 
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Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
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.
 
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