paint chipping

[RSW]

The underwriter forwarded me a paper from HUD today that waves the chipped paint inspection on a reverse mortgage if no children under 7 live in the house.

Like Rex Said, it's an UW decission. CB4 it and forget about it. The underwriter can make the decission to wave the inspection or repair, not the appraiser.

 

[TexasRed]

I see that.

I was letting everyone know about that exception.. I had never heard that and maybe some other reader hadn’t either.

 

[Otis Key]

In that case, it should be a CB4 requirement, and you would not need to be involved, and neither acknowledged or accepted that this was acceptable. A UW decision. Beyond the appraisers SOW.

And no matter what, get ready for the phone calls from the LO to change it to "as is" no matter how many times you tell them otherwise.

 

[JSmith43]

I'd wallpaper a few pages of the report with supplemental photos. After a heavy rain followed by a hot, dry spell there may be peeling paint where there was none a few weeks prior.

If you see peeling paint mention it in as descriptive a fashion as possible. It should get called on a streamline refinance. Minor cracking should be a judgment call, but, that is probably like saying doing 75 on a Hwy marked 65 is a judgment call

 

[Frederick]

I have copies of FNMA, FHA Appendix D and ML 2005-48 saved. A few of the often referenced items I have saved as boilerplate in my appraisal software so at the end of my FHA appraisal I plug in paragraphs from FHA ML 2005-48 and then list the items.

On other things like using the subject as a 4th comp or characterization of partially below grade areas as basement etc. I note the item and copy and paste in the FNMA guideline paragraph with relevant guideline.

When a client comes back and asks for something in conflict with a guideline I respond with the guideline.

When a client asks if I can change the value I don't simply say no I cite reasons why a different value will not get through underwriting and review in a 1,2,3,4,5 reason format. They can understand that and it doesn't appear that you are simply being arbitrary and obstinant.

My advice on all things things is to maintain appraisal guidelines and other rules in a format where you can easily copy and past and the elements that are used on a regular basis have save as "canned" in your appraisal software. It will build credibility with the client and reduce arguments and misunderstandings.

 

[Frederick]

I have a related question that someone here may be able to answer.

Is there a way to recognize lead based paint as opposed to other types of paint?

It is conceivable that a pre-1978 home may have peeling paint that is readily identifiable as non-lead based paint and therefore not a safety hazrd.

 

[RSW]

I have a related question that someone here may be able to answer.

Is there a way to recognize lead based paint as opposed to other types of paint?

It is conceivable that a pre-1978 home may have peeling paint that is readily identifiable as non-lead based paint and therefore not a safety hazrd.

I seem to remember that there is a small device that you can stick the end into the paint and it will detect if lead is present. I don't remember the name of it. Maybe a home inspector will know what it is.

 

[Tim Hicks (Texas)]

I have a related question that someone here may be able to answer.

Is there a way to recognize lead based paint as opposed to other types of paint?

It is conceivable that a pre-1978 home may have peeling paint that is readily identifiable as non-lead based paint and therefore not a safety hazrd.

It does not matter. If there is chipped paint on a pre-1978 house, you just report it and let the underwriter sort it out. WE DO NOT make any underwriting decisions, we just report what we see.

 

[RSW]

It does not matter. If there is chipped paint on a pre-1978 house, you just report it and let the underwriter sort it out. WE DO NOT make any underwriting decisions, we just report what we see.

It is possible for a home built in 1978, 1979 or even 1980 to have lead based paint in it since there may have been inventories paint stored in warehouses. But, I do agree with your statement about reporting it. He just asked a related question.

 

[murray stroupe]

Re; Foundational Truth/Flipper Truth

The underwriter forwarded me a paper from HUD today that waves the chipped paint inspection on a reverse mortgage if no children under 7 live in the house.

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Thanks for sharing that,TEX. Actually think, by far the main danger of lead paint [and old leaded gasoline infested shoulder highway dirt], is actually kids eating lead/ paint.

Mr.Rex;
me & bro. as kids tried a lot of different food;
never lead paint snacks.LOL