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eheffner

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Reply with quote  #1 
I did an appraisal on an FHA property where the only item I noted was some (very minor) peeling paint on a fascia board and a stain on the family room ceiling.  The owner stated her child left the tub running and it overflowed.  She said she repaired the ceiling drywall and has had no further problems.  I noted that in my report.  I stated the fascia board was in good condition and I felt the peeling paint was cosmetic in nature only.  I marked the appraisal "as-is". 

I received a question from a "DE Underwriter" who wants to know why I did not make the appraisal "subject to" repairs.  I stated I felt neither of these issues affects the livability, soundness or structural integrity of the property.  I would have changed it to "subject-to" if the Underwriter had asked me.  I feel it is ultimately up to the Underwriter. 

Do any of you make your appraisals "subject-to inspection by a professional" for a stain on a ceiling that according to the homeowner was a 1-time thing?  
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treskirkland

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Reply with quote  #2 
If you stated there was peeling paint, then it has to be subject too repair.    If the stain did not look recent and I had an explanation of what happened, I would not mention it in the report as all is going to do is raise red flags.   
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Meatloaf

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Reply with quote  #3 
exterior peeling paint where the underlying wood is exposed is always subject to.

The ceiling stain can be "as-is".  The stain itself doesn't require repair.  What caused the stain?  You have two choices.... Have the owner provide you with a reciept for repair and include it in your report, or do it subject to inspection by a qualified third party.  Taking the owner's word is the underwriters responsibility.

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RubberStamp

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Reply with quote  #4 
Depends on the age of the home.  Built prior to 1978 even the interior peeling paint needs to be cured due to lead.  Also, you have to decide if you want to trust the home owner.  How fresh does it look?  They could have a leaky drain..  so getting the plumbing tested is not out of the question.
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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Meatloaf

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Reply with quote  #5 
do this  

next time inform the homeowner about an issue rather than questioning them about the issue

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pnalley

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Reply with quote  #6 
Exterior peeling paint is always subject too. No matter how old the house is.
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Paula Nalley
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Meatloaf

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Reply with quote  #7 
Quote:
Originally Posted by pnalley
Exterior peeling paint is always subject too. No matter how old the house is.


What about exterior peeling paint over treated wood?

I see it all the time where somone painted a deck and the paint is peeling.  Not built prior to 1978 so is it a required repair?

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RubberStamp

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Reply with quote  #8 
treated wood peeling paint needs no attention unless built prior to 1978
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We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
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