Hello everyone,
I currently have a bid in on a house in Pennsylvania with an FHA loan. Our bid was accepted, and I had a home inspection. During the inspection a few concerns turned up.
1) Water Damager - The house has a finished basement that is leaking some water. This has caused some drywall to be ruined and also some mold behind the dry wall(foudn by the home inspector). What is the FHA policy regarding this kind of damage?
2) Radon - I had the house radon tested and the level was found ot be 4.6, which is above the EPA's safe level of 4.
3) Asbestos Tile Floor - The finished basement has newer lenoleum(sp?) floor that has been placed over an existing tile floor. We found a loose tile and sampled the floor underneath, it was found to have no asbestos in the mastic and 7% in the tile. The test was done in a lab with Polarized Light. It is impossible to know the state of the tiles due to them being covered. Also, the old tile floor is bowing and pushing up on the floor above cause lots of bumps and some cracks. This concerns me because to repair this the asbestos will have to be removed. The room is 300 square feet.
I am thinking of asking the seller to cover these expenses at closing to repair and remove them all.
Will this house pass an FHA appraisal like this or will it need fixed?
Also, is it even possible to sell the home in this condition? Would it appraise?
Any other tips/info you can supply would be great.
Thanks,
Jon
I currently have a bid in on a house in Pennsylvania with an FHA loan. Our bid was accepted, and I had a home inspection. During the inspection a few concerns turned up.
1) Water Damager - The house has a finished basement that is leaking some water. This has caused some drywall to be ruined and also some mold behind the dry wall(foudn by the home inspector). What is the FHA policy regarding this kind of damage?
2) Radon - I had the house radon tested and the level was found ot be 4.6, which is above the EPA's safe level of 4.
3) Asbestos Tile Floor - The finished basement has newer lenoleum(sp?) floor that has been placed over an existing tile floor. We found a loose tile and sampled the floor underneath, it was found to have no asbestos in the mastic and 7% in the tile. The test was done in a lab with Polarized Light. It is impossible to know the state of the tiles due to them being covered. Also, the old tile floor is bowing and pushing up on the floor above cause lots of bumps and some cracks. This concerns me because to repair this the asbestos will have to be removed. The room is 300 square feet.
I am thinking of asking the seller to cover these expenses at closing to repair and remove them all.
Will this house pass an FHA appraisal like this or will it need fixed?
Also, is it even possible to sell the home in this condition? Would it appraise?
Any other tips/info you can supply would be great.
Thanks,
Jon