VA appraisal and My home inspection?

[realbiz]

First of all, thank you for your service. The VA MPRs (Minimum Property Requirements) for your area are on pages 18 through 22 of the Appraiser Training Guide for the Houston Regional Loan Center. As you will see, these are minimum requirements and do not include a large part of what your home inspector has disclosed. It sounds like the seller may be savvy to the difference between appraisal and home inspections.

If you want the home, consider a counter-offer in writing, requesting the seller to agree to repairs of the items outlined in the home inspection. In lieu of that, your only other options are to accept VA MPRs (which will most likely not include many of the items disclosed) or find another home.

Good luck from a VA appraiser (and veteran); please come back to let us know how it all works out for you.

Very good advice and I agree with all except "consider counter". You should make a counter offer on the known repairs and not wait for VA appraisal. The VA clearly states appraisals are not home inspections. Good luck from me too and I hope all works out.

 

[Fritz in NY]

Have each issue rectified prior to a final walk thru, and have it in writing. No need to walk away, almost everything can be fixed. But water is a problem that is some cases won't go away, and it isn't very good for the structure. Check a typo map to see if water will always be an issue.

 

[Michigan CG]

.....Check a typo map to see if water will always be an issue.

A topo map works even better.

 

[Mike Garrett RAA]

I, too, would like to thank you for your service to our country. The VA appraiser may or may not consider many of the things you have listed. That is the reason you got a home inspection. Be sure the appraiser sees a copy of the home inspection before completing the appraisal assignment.

Are you being represented by a real estate agent? Remember, in most cases, the agent only has a fiduciary responsibility to the seller. Make sure EVERYTHING you have concerns about is corrected BEFORE going to the closing table. Read the contract, I think you will find you are advised to seek legal assistance.

I realize you could lose the first time buyers tax credit but this should not be a reason to buy a property with lots of problems. If it were me, I would tell the seller to correct those items found on the home inspection and not rely on what a VA appraiser may or may not consider an issue. We are not home inspectors.

Best wishes,

Mike
A VA appraiser and vet too.

 

[Mike Kennedy]

Thank you for your Service.

Buy a different home. Make certain your attorney includes an "escape" clause contingency (i.e. purchase subject to Home Inspection and Appraisal by a Local, Experienced Appraiser), also have him/her research the VA's "Tidewater Notification Process".

 

[D Brain]

Thanks for all the feedback. I feel a lot better about this now. I do have a buyers agent however i think she has a hard time carrying out her fiduciary responsibilities. Often I feel like it's me against two sellers. She also bad mouthed the inspector for finding so many issues and faults (seriously, that's his job and he's damn good too). I did make my contract subject to "home inspection". A lot of the issues were caused by the 15 inches of rain we've had lately but I do know this house needs a couple grand worth of french drains and i only have a 500 repair limit in the contract. I don't wanna pay for that though so I'll just give the seller the option to fix the stated issues or I'll walk away. Y'all (you all) have put me at ease thanks again and feel free to advise me further.
oh and I'm glad we rolled up Osama bin Laden! And thank you all for your support!

 

[Don Clark]

Thanks for all the feedback. I feel a lot better about this now. I do have a buyers agent however i think she has a hard time carrying out her fiduciary responsibilities. Often I feel like it's me against two sellers. She also bad mouthed the inspector for finding so many issues and faults (seriously, that's his job and he's damn good too). I did make my contract subject to "home inspection". A lot of the issues were caused by the 15 inches of rain we've had lately but I do know this house needs a couple grand worth of french drains and i only have a 500 repair limit in the contract. I don't wanna pay for that though so I'll just give the seller the option to fix the stated issues or I'll walk away. Y'all (you all) have put me at ease thanks again and feel free to advise me further.
oh and I'm glad we rolled up Osama bin Laden! And thank you all for your support!

Thank you for your service.

You have found a great truth. If you want an objective opinion get it from someone that has no interest in the transaction except doing a good job. You have discovered 2 of those, the home inspector and the real estate appraiser.

 

[Noreen]

Thanks for all the feedback. I feel a lot better about this now. I do have a buyers agent however i think she has a hard time carrying out her fiduciary responsibilities. Often I feel like it's me against two sellers. She also bad mouthed the inspector for finding so many issues and faults (seriously, that's his job and he's damn good too). I did make my contract subject to "home inspection". A lot of the issues were caused by the 15 inches of rain we've had lately but I do know this house needs a couple grand worth of french drains and i only have a 500 repair limit in the contract. I don't wanna pay for that though so I'll just give the seller the option to fix the stated issues or I'll walk away. Y'all (you all) have put me at ease thanks again and feel free to advise me further.
oh and I'm glad we rolled up Osama bin Laden! And thank you all for your support!

PLEASE do not let them buffalo you into thinking that these kind of long term structural issues are due to recent events. These structural issues are what an appraiser terms "Neglected Deferred Maintenance"... translation: lack of TLC, LAZY. The broker is fussing because her commission is delayed. Your home inspector was GOOD, keep his number. If it were me, I would get estimates for everything the home inspector found wrong, you will find this "eye opening" as they add up. I will bet my last $20 that they will tally way beyond the $500 "repair limit". Hang onto your "Subject to Home Inspection" clause in your offer. Please protect yourself, you protected us. Keep us posted, we are on your side.

 

[Peter LeQuire]

Thanks for all the feedback. I feel a lot better about this now. I do have a buyers agent however i think she has a hard time carrying out her fiduciary responsibilities. Often I feel like it's me against two sellers. She also bad mouthed the inspector for finding so many issues and faults (seriously, that's his job and he's damn good too). I did make my contract subject to "home inspection". A lot of the issues were caused by the 15 inches of rain we've had lately but I do know this house needs a couple grand worth of french drains and i only have a 500 repair limit in the contract. I don't wanna pay for that though so I'll just give the seller the option to fix the stated issues or I'll walk away. Y'all (you all) have put me at ease thanks again and feel free to advise me further.
oh and I'm glad we rolled up Osama bin Laden! And thank you all for your support!

Get a new agent! If she isn't actively negotiating for your best interests, get rid of her.

Rotten subfloor, rotten siding, improperly installed roof, safety issues (furnace flue), sagging roof, water heater on rotten wood.......... Have your new agent find you a different house. A few items of deferred maintenance might be expected and acceptable: the faults you posted give the impression not only of lack of maintenance, but significant substandard construction. Flee. Don't waste your entitlement on this dump. I don't know your financial ability, but this house will cost you much, much more than can be estimated at this point, possibly reaching the point that you have to abandon the house because of that expense.

Since your contract was "subject to" a home inspection, I would assume that means a "satisfactory" home inspection. Notify your agent - in writing - of the problems with the property and ask for a refund of any earnest money deposit.