Quick question re: No basement floor covering

[residentialguy]

I have a FHA deal and the basement family room had the carpet ripped up, so there is just concrete floor.
Would you do it
1. As is and consider it in overall condition adjustments
2. Subject to repair
3. Consider it an unfinished basement
4. ????


Thanks!

 

[DJBanas]

1. As-Is and consider it in overall condition - That's the way I would go.
2. There is no requirement for floor covering on a basement floor, even a finished basement. I've seen many very nice FBs with etched or painted concrete floors
3. If walls and ceilings are finished I would consider it finished.
4. Someone will disagree

 

[CANative]

I have a FHA deal and the basement family room had the carpet ripped up, so there is just concrete floor.
Would you do it
1. As is and consider it in overall condition adjustments
2. Subject to repair
3. Consider it an unfinished basement
4. ????


Thanks!

Unless it's a purchase and floor coverings are part of the contract.

 

[DJBanas]

Unless it's a purchase and floor coverings are part of the contract.

True, but I've never seen a SC that included the basement floor covering. But possible.

 

[residentialguy]

OK...thanks! My thoughts, too.

 

[CANative]

True, but I've never seen a SC that included the basement floor covering. But possible.

Neither have I. But I did see one with a carpeting requirement and one with a fence requirement. In both cases the builder was trying to renege on the agreement.

 

[DJBanas]

Unless it's a purchase and floor coverings are part of the contract.

BTW, when did we become responsible for making sure all of the extras in the contract are in the subject? I don't, and won't, verify that the Tiffany lamp in the contract is still hanging in the dining room or that the LR and DR rugs are still there. Or that the basement floor covering is in place. That is the purpose for the final walkthrough by the buyers before settlement.

I may have to value these for the purpose of market value but I only do that from the contract and if it is an atypical arrangement in the market.

 

[andrew81]

I have a FHA deal and the basement family room had the carpet ripped up, so there is just concrete floor.
Would you do it
1. As is and consider it in overall condition adjustments
2. Subject to repair
3. Consider it an unfinished basement
4. ????


Thanks!

I can't find the HUD/FHA specific document. I remember HUD/FHA stating the type and quality of basement finish is market specific. Even going on to state that painted concrete walls and flooring is acceptable.

Use your best judgement.

 

[andrew81]

oops sorry, found it, it was in a VA guide not HUD/FHA, and it was a general painted flooring statement. m2:

[url]http://www.vba.VA.gov/ro/phoenix/RLC/PDF/Fee%20_Appraiser_Handbook_April_2010.pdf[/URL]

Painted concrete is an acceptable floor covering.

 

[residentialguy]

Thanks andrew...appreciate you taking the time to look it up.