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Would You Consider This A Defective Condition Requiring Repair For FHA?

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drstetson

Freshman Member
Joined
Jan 28, 2009
Professional Status
Certified Residential Appraiser
State
Arizona
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?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Real Stucco or acrylic synthetic stucco? Real stucco is not water proof. Acrylic stucco is and needs no sealer coat. So did the stucco come in a bag? or in a five gallon bucket (acrylic). Real stucco will soak water like a sponge if not sealed properly.
 

drstetson

Freshman Member
Joined
Jan 28, 2009
Professional Status
Certified Residential Appraiser
State
Arizona

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
That does not sound waterproof without a cover coat and you can call the Quikrete company or get on their website and ask. Fiberglass reinforcement is probably a good thing but it is fibers not waterproofing.
 

drstetson

Freshman Member
Joined
Jan 28, 2009
Professional Status
Certified Residential Appraiser
State
Arizona
and in the event that it isn't waterproof, it should be called out as a violation of FHA minimum property requirements right?
 

residentialguy

Elite Member
Joined
Mar 24, 2009
Professional Status
Certified Residential Appraiser
State
Minnesota
and in the event that it isn't waterproof, it should be called out as a violation of FHA minimum property requirements right?
They do have a check box for when you aren't sure.
 

drstetson

Freshman Member
Joined
Jan 28, 2009
Professional Status
Certified Residential Appraiser
State
Arizona
So ive put in a call and email to the manufacturer to ask if it requires a top coat or sealant/paint. Im hoping for either confirmation in writing that it does/doesn't require a sealant/top coat or that they can point to a section of the user's manual that covers this.
 
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