- Jan 28, 2009
- Professional Status
- Certified Residential Appraiser
Im appraising a property with a recently constructed dwelling from individual plans. The home has framed stucco exterior walls; however, only the base coat of stucco was applied at the time of the appraisal. There was no colored or textured top coat, and the base coat wasn't painted. The homeowner is arguing that the base coat of stucco is a sealed finish that does not require any paint or top coat to be "complete" for structural purposes. I was under the impression that the base stucco coat would need to be finished with a top coat of synthetic or finished by way of painting/sealing in some way to prevent exposure to the elements and potential water intrusion. So my question is, would you consider this to be a cosmetic "As Is" repair item, or a defective condition requiring repair per FHA?