What Do FHA Appraisers Look For?
While most appraisals may focus on determining the value of a home, an FHA appraisal also reviews the condition of the home in order to determine whether the property meets the guidelines established for the approval of FHA insured loans.
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Facts
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Home buyers who qualify for an FHA insured loan must have their home inspected by an FHA approved appraiser. FHA appraisers have the additional training needed to conduct detailed appraisals.
Overall Condition
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The FHA appraiser will inspect the most important aspects of the home including the roof, attic, basement or crawl space, furnace, electrical wiring and hot water heater for visible damage and to inform all parties of any required repairs.
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Interior and Exterior Surfaces
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The appraiser will check the interior and exterior surfaces of homes that were built before 1978 in order to eliminate exposure to lead-based paint. The appraiser will order that any areas with peeling, cracking or chipping paint are safely repaired and repainted.
Safety
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FHA appraisers will also check to make sure that there are no safety hazards in the home such as broken doors, windows or stairways without handrails.
Sanitary Conditions
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FHA appraisers will also look for signs of pests like rodents or termites. The plumbing in the home must also be in working order.
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References
- Photo Credit building inspector,woman image by Greg Pickens from Fotolia.com
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Comments
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I had my home appraised 8 months ago during a refinance. I just had it appraised again and it came in $100.000 less? I knew something was wrong so I went to one of the comp addresses and found a beautiful home that had sold for half of what it was worth? $319.000 so I asked the owners who were real estate agents and found out they had purchased the home and had to pay cash because no bank would touch it dryrot everywhere The master bath had fallen through the floor. after making the repairs they had the house appraised at $645.000 after that I found another house in the same area (comp #2) was not only a complete rehab but the Square footage was off appraiser had 2200sf house was 1500sf after bringing these facts to his attention he refused to take them into account and redo the appraisal I had to pay for another appraisal Both appraisers used another home (comp3) that had a giant power tower on the right side of it and a vacant lot on the left being used for a heavy equipment storage yard. even with that the appraisal came in $60000 higher. My question is why do I have to do their due diligent s for them?
