Respectfully Request Advice, VA Mpr's

[jfg_uscg]

Good Evening Everyone,

I'm using a VA loan to buy a 4 Bedroom HUD home built in 2002 in Maryland. Walking through the home only issues I see are the following:
Carpets have been ripped up revealing sub-flooring (staples still in the flooring)
Sump pump cover has a large hole in it (rotted?)

I looked over the [VA Minimum Property Requirements (MPRs) stated in chapter 12] and [The Fee Appraisers Guide for the Roanoke RLC]. I can't see how the VA Appraiser would fail me on this. Our plan is to fix all this before we even move in.

My question to everyone is, what are my chances of passing? and Any do you advice on requesting a waiver if it goes south?

This is HUD and its "As is" we really don't want to lose this.

Thank you so much for any help your able to provide,

John

 

[Tim The Enchanter]

Don't get emotionally involved. Try not to think "dream home."
Be prepared to walk away if the deal is not in your favor.
There are plenty of others out there.

 

[jfg_uscg]

Don't get emotionally involved. Try not to think "dream home."
Be prepared to walk away if the deal is not in your favor.
There are plenty of others out there.

Thanks! We've done a lot of research, we are ready to walk away if the home inspections reveals a huge issue, but I don't want the VA Appraiser to block me from buying due to small cosmetic issues

 

[Skeletor]

HUD "as is" so I am assuming that you are purchasing a foreclosed home and the seller will not do any repairs. No problem. See below.

If your plan is to have it fixed before you move in, then the solution is relatively straightforward. The appraiser will appraise the home as if repaired and condition the appraisal for any necessary repairs. This alerts the lender. If the value is there and everything else in your loan application gets a green light, you will effectively be clear to make those repairs prior to close. The appraiser will have to come back out to verify but other than that, this should be a slam dunk deal for you provided that you are paying a market price for the property. This is applicable if there are indeed some required repairs.

I appraise for the VA as well as for FHA, and I can tell you that the VA minimum property requirements are not nearly as strict as FHA requirements which follow the HUD 4000.1 handbook (a beast of a manual by the way). And so if your repair items are simply cosmetic, the VA appraiser will probably not call it out. I can't speak for other appraisers of course but my standard for VA appraisals pretty much falls into 3 categories: safety/health, security, and structural. And so if the only problems you state are carpeting and a sump pump cover......pshhhhh....sounds like this foreclosed home is probably in pretty decent shape. Best to you on your new purchase!!!!
And thank you for your service by the way.

 

[jfg_uscg]

HUD "as is" so I am assuming that you are purchasing a foreclosed home and the seller will not do any repairs. No problem. See below.

If your plan is to have it fixed before you move in, then the solution is relatively straightforward. The appraiser will appraise the home as if repaired and condition the appraisal for any necessary repairs. This alerts the lender. If the value is there and everything else in your loan application gets a green light, you will effectively be clear to make those repairs prior to close. The appraiser will have to come back out to verify but other than that, this should be a slam dunk deal for you provided that you are paying a market price for the property. This is applicable if there are indeed some required repairs.

I appraise for the VA as well as for FHA, and I can tell you that the VA minimum property requirements are not nearly as strict as FHA requirements which follow the HUD 4000.1 handbook (a beast of a manual by the way). And so if your repair items are simply cosmetic, the VA appraiser will probably not call it out. I can't speak for other appraisers of course but my standard for VA appraisals pretty much falls into 3 categories: safety/health, security, and structural. And so if the only problems you state are carpeting and a sump pump cover......pshhhhh....sounds like this foreclosed home is probably in pretty decent shape. Best to you on your new purchase!!!!
And thank you for your service by the way.

Thank you so much for your response, I can sleep tonight lol

We are just getting really worried.

 

[jfg_uscg]

So to continue the discussion, if the only issues with the home is the carpet's have been removed revealing sub-flooring with carpet staples and the sump pump cover has a hole in the cover...then it should pass the VA appraisal MPR's?
If it doesn't pass.... how do I politely challenge the appraisal? how does that work...

I read some about escrow holdback for repairs...

 

[TRESinc]

So to continue the discussion, if the only issues with the home is the carpet's have been removed revealing sub-flooring with carpet staples and the sump pump cover has a hole in the cover...then it should pass the VA appraisal MPR's?
If it doesn't pass.... how do I politely challenge the appraisal? how does that work...

I read some about escrow holdback for repairs...

contact your loan officer/originator. they will be able to guide you through all the steps (that may be) necessary.