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Peeling paint

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JTRock

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With the recent changes to FHA requirements do you consider this to be a cause to make the appraisal "subject to repairs" or make it "as is" with a recommendation for repair. The peeling paint is not dramatic on the exterior. thanks
 

TC

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That's one of the few things left to check, so I would make it subject to repairs.

TC
 

toya05

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You just have to enclude it in your report and give a cost to cure. It the lenders call.
 

Doug Trites

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You just have to enclude it in your report and give a cost to cure. It the lenders call.

That is not correct. Any peeling paint with a building prior to 1978 is required to be corrected. This is not up to the U/W and should be required on the report. :sad:
 

Mr Rex

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Examples of property conditions that may represent a risk to the health and safety of the occupants or the soundness of the property for which FHA will continue to require automatic repair for existing properties include, but are not limited to:

· Inadequate access/egress from bedrooms to exterior of home
· Leaking or worn out roofs (if 3 or more layers of shingles on leaking or worn out roof, all existing shingles must be removed before re-roofing)
· Evidence of structural problems (such as foundation damage caused by excessive settlement)
· Defective paint surfaces in homes constructed pre-1978
· Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected.
 

boshmontro

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Pennsylvania
Ok, I know, this sounds stupid. However, a little clarification would be nice.

Besides the "subject to the following repairs alterations on the basis of a hypothetical condition that the repairs or alterations have been completed" check box checked, I have assumed (and have been doing) that in the improvements section of page 1 to check the YES box in "Are there any deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property?". Although personally, I don't consider a little peeling paint a life threatening issue, HUD considers it so. Since HUD/FHA is who the report is for, again I assume the report would be prepared under their guidelines and the evil peeling paint is an adverse condition that affects livability. Of course these are homes built prior to 1978.

Mr Rex also indicates that ANY peeling paint on the exterior of the dwelling is to be reported. I doesn’t matter what the age is. See, around here the exteriors with peeling paint are all old houses. Most of the newer ones are vinyl or whatever & don’t have any areas to paint.

BTW, I am aware of the lead issues, babies etc. So please let’s keep any comments to the main issue at hand. :)

Thanks in advance,
Bill B.
 

Mr Rex

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· Enter an “X “ in the applicable box indicating whether or not there are any physical deficiencies or adverse conditions that affect the livability, soundness, or structural integrity of the property. If the response is “No”, no explanation is required or needed. However, if the response is “Yes”, an explanation is required and, if necessary, condition the appraisal on the “repair or alteration of the condition” or a “required inspection” by appropriately qualified individuals or entities, which may include professional engineers, tradespersons, HUD Fee Inspectors.
Lead-Based Paint Hazard
If the home was built before 1978, this may indicate a lead paint hazard. For all FHA insured properties, correction is required to all defective paint in or on structures and/or property improvements built before January 1, 1978 in accordance with 24 CFR Part 35.
 

boshmontro

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Pennsylvania
Defective exterior paint surfaces in home constructed post-1978 where the finish is otherwise unprotected. [/COLOR][/B]

Thank you for your reply Mr Rex. However, my question was if there is peeling paint in a home built prior to 1978 do you mark YES as there being a physical deficiency (as I have been doing)?

Question on your comment above on exterior peeling paint, if the home is newer than 1978 (even though there is no lead in the paint) should you report it as a physical deficiency? If so why and where can I find a HUD statement on it? I’ve not run into this issue. However, I would like the answer for future reference.

Thanks,
Bill B
 

Mr Rex

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North Carolina
That is the HUD statement, from Appendix D.:) Both my posts are direct quotes from Appendix D, which you are required to be familiar with.


I took the liberty of copying Greg Boyds hand holding directions to the source:

Go to www.HUD.gov. From there, find the area at the lower right that will allow you to use a drop down information menu for housing industry, lenders, appraisers, etc. and choose appraisers. From that page look at the lower right for "Resources" and click the link for publications, handbooks, etc.

Find the 4150.2, find ML2005-34 and 48. Select attachments. Appendix D is a step by step instructional for completing appraisal forms for FHA. But you also need to study the 4150.2 and keep a pdf on your desktop for easy reference. Check the other links for MPS and MPR. Read, read, read, read.
 
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frozone

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Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
if there is peeling paint in a home built prior to 1978 do you mark YES as there being a physical deficiency (as I have been doing)? B

FHA considers it a deficiency...I'd say yes.

Question on your comment above on exterior peeling paint, if the home is newer than 1978 (even though there is no lead in the paint) should you report it as a physical deficiency?B

FHA considers it a deficiency...I'd say yes.

If so why and where can I find a HUD statement on it?

Mr Rex covered that well with his last post.:banana:
 
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