VA Minimum Property Requirements?

[DougJ]

I'm currently trying to buy a multifamily home in Washington DC using a VA backed home loan. I'm looking for something that is a bit of a fixer upper because that's what I can afford and because I see it as a way to add value to the property.

Anyway, I have since found out about the whole VA appraisal thing and that the property is going to have to meet the VA MPR standard before my loan can be approved. So I'm trying to determine what is and isn't going to be acceptable as far as problems with the house go so I can know what I'm looking for and if I need to adjust my plan. I've heard different things from different people, some say they will nitpick every little thing and some have told me that they only care about major safety or structural issues.

I found this lenders handbook but it doesn't really break it down to the specfics. http://www.warms.vba.VA.gov/pam26_7.html

These are some of the things I have seen and would like to know about:
peeling paint
electrical outlet covers missing
broken windows
hole in drywall
water damage/mold
missing/broken appliances
missing/broken sink or bathtub
do water and electric need to be turned on and fully functional?

If any of you know about if VA appraisers will require this stuff to be fixed or better yet are a VA appraiser yourself and can tell me, I would really appreciate it.

 

[incognito]

you will probably get some different answers, but I am a VA appraiser, and here is my take:

peeling paint : Depends. Exterior over unprotected surface, yes. Over protected surface, post 1978:no. Interior pre 1978:yes

electrical outlet covers missing: yes

broken windows: yes

hole in drywall: small, no (say a door knob hole). largeer, yes

water damage/mold: Most likely yes in most circumstances

missing/broken appliances: missing anything: No, broken range: I wont know because VA does not require us to inspect

missing/broken sink or bathtub: yes

do water and electric need to be turned on and fully functional? No

Hope that helps.

 

[DougJ]

Thanks, yeah, that was exactly what I was looking for. Well, maybe not the answers I was wanted to hear but...

What's with 1978? lead?

Also, are there any other common things you see that fail the VA MPR that I didn't mention?

 

[EDWARD BERRY]

You Could Make Offer Subject To Not Over $$$$$ Of VA Required Repairs.

$400 (ark App. Cost) You Ever Spent.

Good Luck.

 

[incognito]

Yep, lead based paint. I'm in Florida, and the biggest thing is missing window screens, but I don't think that is a requirement in your area. Another thing is rotted or termite damaged exterior wood. Also, must have permanently installed heat source (again probably not very likely to NOT have in your area).

 

[DougJ]

You Could Make Offer Subject To Not Over $$$$$ Of VA Required Repairs.

$400 (ark App. Cost) You Ever Spent.

Good Luck.

Not sure I understand what you mean? You saying I could pay someone to do the repairs or do the repairs myself before the deal closes?

Because I'm not sure I can ge the seller to fix anything as alot of these properties are advertised as-is

 

[Mike Garrett RAA]

Secure, Safe,Sanitary. Key things VA appraisers look for.

Home built after 1978 are less likely to have lead based paint; however, those still might have LBP.

VA appraisers are very sensitive to chipping and peeling paint. Utilities should be turned on so systems can be checked. We look for functioning electrical, plumbing, and heating.

Appliances are not a requirement. Minor items such as cracked windows, dirty floor coverings, minor mold (showers, etc) might not need repairs.

A word of advice...don't buy it if you think there is a problem. Never be afraid to ask the seller to bring the property to minimum VA standards.

Yes, you could do the repairs yourself prior to closing IF the seller will let you. The danger is..."if it doesn't close you are out for your time and materials".

Good luck!

17 year VA appraiser

 

[incognito]

Utilities should be turned on so systems can be checked. We look for functioning electrical, plumbing, and heating.

Requirements in regions may be different. Per my VA manual:

"What is not expected of the Fee Appraiser:

The fee appraiser is not expected to perform operational checks of mechanical equipment." I usually do not, and therefore have no need to require that the utilities be on.



VA appraiser #0427 (about 17 years too!)