I get frequent questions about appraisals. This article outlines some of the things FHA appraisers look for that are different from conventional loans. The 3 categories are Safety, Security, and Soundness. If you are thinking about selling your home, take take to correct any problems in these areas before you list your home.
FHA guidelines state that a house has to meet MPR (minimum property standards) for existing houses, and MPS (minimum property requirements) for new construction. FHA is very concerned with the three S’s: Safety, Security, and Soundness.
When a Realtor was asked what the three FHA S's were, he replied, "Stupid, more stupid, and seriously stupid FHA appraisers," which I thought was pretty funny, however, a little off the mark. The three FHA S's have to do with the following:
Safety:
Per FHA, "Safety refers to the health, habitability and sanitary condition of the property." When determining what is safe and what is not, does involve some subjectivity on the appraiser's part, while other issues are pretty straight forward. Here is a list of the some of the most common safety issues that require correcting:
Any peeling or chipped paint on homes built prior to 1978
Holes in the fire door between the house and garage (doggy doors, missing dead bolts, etc.)
Missing or damaged handrails for full set of stairs.
Improper spacing of balusters for decks and balconies (would allow a child to climb in between the balusters).
2nd level sliding door not secured when there is no deck.
Exposed wiring and/or missing outlet covers.
Missing fire and carbon monoxide detectors.
Missing carpet over a wood sub floor (If carpet is missing over a concrete floor not an issue-FHA considers concrete to be a permanent floor; however, most lenders may want this addressed).
Broken or missing windows.
Some of the more challenging issues is what is considered to be minor deferred maintenance, that which doesn't need to be corrected. The appraiser is still required to note within the appraisal all the deficiencies with the property, thus giving the underwriter the final say. Here are some of the most common deferred maintenance issues that don't require an automatic repair:
This relates to the structure and structural components of the dwelling. These types of issues will have to be addressed, which they will either have to be repaired or certified by a professional that they're not a problem. Some of the most common structural issues that I've run across are the following:
Roof beyond expected life of two years; more than 3 layers of roofing.
Decks not properly built to code.
Additions or basement finishing that wasn't properly built.
Security:
This is the most misunderstood of the three S's. Most assume that if refers to securing the property from the weather, and/or intruders. However, it actually refers to the properties ability to serve as collateral for the FHA insurance fund. The main point here is the marketability of the property to serve as collateral. Here's a list of some of the most common things that I've run into that can affect the marketability of a property is when it's:
Just because the property is located near any of the above, doesn't automatically make it ineligible for FHA financing; however, the appraiser is going to have to be able to address the marketability of the property. The best way to do this is to find similar sales that were subject to the same type of issue(s). The appraiser would then have to be able to use those comparable sales within the appraisal report to help bracket the property, and at the same time meeting all of the lender's other guidelines and/or overlays.
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Baton Rouge, Louisiana, Mardi Gras parades kick off this weekend with the 2012 CAAWS Mystic Krewe of Mutts Parade.
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t's a family friendly parade with a good cause,.The entry fee of $25 for one person for one dog helps raise money for the Capital Area Aminal Welfare Society. This is a walking parade where dogs and their owners stroll along downtown Baton Rouge Louisiana streets in their finest Mardi Gras costumes. Each year has a special theme. The 2012 is a western theme "The Good, The Bad, and The Furry"
Imagine all the excitement of children seeing hundreds of dogs parade in front of them with owners throwing all kinds of toys and treets for them to chatch. And there are many colors and styles of costumes. The only limit is your imagination! Short dogs, tall dogs, excited dogs, calm dogs, pedigree dogs, mixed breeds, you will find just about evey kind here.
Today's parade begins at 10am and is over at 4pm. Ther will be music and bands and excited faces lining the parade route. I guess you just have to be there to catch a little of the excitement, so here is a video o f part of last year's parade:
This beautiful property will not last long. The large bedrooms are a must see with an open floor plan. Needs a little Tender Loving Care or build the home you have dreamed of on this beautiful, quiet property. Come fish in the stocked pond .Country living in the city on 3.84 acres.
In the Monterrey area, this wonderful 4 bedroom home on approximately 1/3 acre next to Park Forest. Peaceful, shaded yard has a magnolia tree in the front yard. Privacy fence. Easy maintenance brick. New carpet has just been installed and it is clean and movein ready. A marvelous screened porch that provides extra outdoor living space for your family. Carport for 2 cars. Fenced back yard. The back yard of this 100x155 lot has lots of room. You can set up badmitten or practice soccer with this space
There's still 2 days left as Hot Air Balloons Rise Over Baton Rouge Louisiana in the Annual Pennington Balloon Championships! You don't want to miss them this year!
THOSE MAGNIFICANT MEN IN THEIR FLYING MACHINES!! That title from a famous slapstick movie reminds me to what links man goes to conquer space and the skies. One of my favorite parts of the balloon festival is the guest appearance of the Airborne Parachute Demonstration Team. Have you ever wondered how they do it? Parachute out from helpcopters and planes so high up we can't even see them on the ground and then they land on a little target a foot wide on the field? Well its' high tech, folks. My son served in infantry airboren in the Army and it's amazing what they do. They make it look so easy. Here is a video clip of what it's like up there as a team lands inside a football stadium:
And the festival is for all ages. My grandsons love the Children's Village each year:
There are lots of inflatables. Also there are farm animals for the children to see and pet. And lots of games that vary each year like water balloons. Between balloon flights the kids don't have to just stand around waiting!
This is the last week to cast your vote for the best new technology. When I considered the great, supportive community of real estate professionals in all aspects of the business, the wealth of knowledge, the great pictures, and the local information provided to people in communities all across our nation, I gave my vote to Active Rain.
Inman News is holding their annual voting poll for the 2011 People's Choice Innovator Award. "The People's Choice award is intended to recognize a standout real estate-related technology".
Hmmmm.....which Community do I know that standouts from the rest? Ok, so it has to be real-estate related.....ok...um...geez....this is a toughie.....NOT!!!!!! ActiveRain baby!!!
Voting ends Friday, July 22nd so cast your vote for ActiveRain your favorite today!!! :)
The U.S. Women's team has excited groups around the United States with the sport of soccer. You may want to check out local opportunities to give your children and grandchildren the opportunity to try out the sport of soccer. But they are too young, they are just toddlers! That's just the right time to expose them to different opportunities!
Now is the time to get involved and find a fall or winter league and let the fun begin! Baton Rouge Soccer Association has lots of programs including a fun Christmas camp.
Try BREC tennis activites in Baton Rouge, LA, for kids on Easter Break
Are you 2 days into Easter break and your children are bored already? Try finishing the last 3 days at Highland Road tennis center. Worried that preschoolers are too young? No worry. They specialize in young students who have never picked up a racquet before.
And if you're students are more experienced, there are more challenging competitions too. BREC has lessons at HIghlnad Road and City Park. And the YMCA at Paula G. Manship has programs there as well..
So go tomorrow and finish the week with fun, healty excercise!
Baton Rouge is alive and growing. This is just one of the many activities for residents to enjoy. The great weather is conducive to outdoor entertainment. It's easy to get to. Next to the river you can walk to other attractions like the USS Kid or Science Museum.
It’s back! “Live at Five” is starting up again in downtown Baton Rouge for 2011. Due to construction on North Boulevard, “Live at Five” has been moved to 3rd Street & Spanish Town Road. Don’t worry, this location is only temporary but will run through May 27, 2011. If this stage move has you somewhat befuddled, they are offering a FREE CATS SHUTTLE that will be looping through the Arts & Entertainment district to drop people off closer to the concert site.
If you are not familiar with “Live at Five”, it’s time you get on board for some serious entertainment. “Live at Five” is a free, music event that is hosted by the Baton Rouge Downtown Business Association. “Live at Five” occurs each year during spring and fall…with each season having their own genre. If you have missed the past three weeks of “Live at Five”, you still have six more weeks to get this fabulous, talented music fix.
“Live at Five in Downtown Baton Rouge”
Every Friday from 5 pm – 8 pm at AZ Young Park 3rd Street & Spanish Town Rd.
April 22, 2011: No concert (wonk, wonk, wonk) April 29, 2011: Phat Hat (party mix) May 6, 2011: All Stars Blues Jam (Baton Rouge’s Blues Week) May 13, 2011: After 8 (funk & rock) May 20, 2011: United We Jam (variety) May 27, 2011: David St. Romain (contemporary country) (map photo from the downtown development district site)
It's time to bake that Easter Bunny Cake for this weekend. My boys loved it when they were growing up! This year I'm going yellow cake with chocolate icing. You can use any compination of cake and icing that your family loves:
I'm going to continue the tradition for my 2 grandsons this year, ages 4 and 5. After the egg hunt, a party with bunny cake
Ingredients for cake as shown in picture:
1 pkg. White Cake Mix
1 can Ready to Spread Vanilla Frosting
14 oz coconut
Food coloring
Chocolate chips
Jelly beans & red string licorice
Ingredients for Chocolate cake variation (You can change this to suite your family tastes, for example use german chocolate mix and frosting, etc.; here is plain chocolate):
1 pkg. White or Dutch chocolate cake mix
1 can Ready to Spread Chocolate Frosting
14 oz coconut and food coloring(this can be left off)
Real White chocolate chips
Jelly Beans and red string licorice
1. Prepare and bake cake in two 8 or 9 in. round cake pans as directed on package. Cool Completely. 2. Cut cake as shown in diagram 3. Frost sides of each cake piece. Assemble pieces as shown in diagrams on a cookie sheet, large tray, or 18x15 in cardboard covered with aluminimum foil. Frost top of cake. 4. (You can leave coconut off if desired) (If so you can leave out steps 5 and 8) Sprinkle about 2 2/3 cups coconut evenly over top and sdes of cake, gently pressing coconut onto sides. 5. Tint coconut in small bowl toss 3/4 cup coconut with 2 to 3 drops red food coloring until evenly colored. Repeat with 1/1/4 cups coconut and 2 to 3 drops green food coloring. 6. Sprinkle pink coconut over ears and bow tie. outline with chocolate chips. 7. Decorate bunny face as shown in photo. 8. Sprinle green coconut evenly around cake.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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