Sacramento Real Estate Appraiser tips on how to deal with FHA required repairs

What are your options for dealing with required FHA repairs? How can you deal with these reparis - even if you do not have money to do them? Sacramento appraiser Ryan Lundquist gives a brief description of the appraisal process and three available options for handling HUD repairs.

Your options are really as follows: 1) Ask the seller to cure the problem; or 2) Find another way to cure the problem. The reality is that the issue needs to be cured -- no matter how it gets done. Any paint surface that is defective (flaking, chipping or peeling paint) will have to be properly remedied and sealed. There won't need to be any lead-base paint test. 3) A third option actually is to do an FHA 203K loan so you can get certain repairs like this taken care of without spending money out-of-pocket. You'd actually buy the property and then specific predetermined repairs would be made after the close of escrow from money bundled in your loan. Not all loan officers and brokers handle 203K loans or are good at doing them, so make sure you work with someone who knows about 203Ks. I'm glad to refer someone trustworthy to you.

I hope this was helpful. Keep me posted if you have any questions or insight. Comments are welcome below.

If you have any real estate appraisal, valuation consulting, or property tax appeal needs in Greater Sacramento, contact me at 916.595.3735 or http://www.LundquistCompany.com.

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