Top 5 Things A Real Estate Agent Can Do To Help Prepare A Listing For An FHA Appraisal
In recent months FHA financing has been on the increase. With the decline of the sub prime lending market, and related creative financing programs, many lenders have been offering FHA loans to many homeowners for refinancing and home purchases. Current FHA requirements are not as stringent as they once were. If you are interested in the exact requirements you can log on to the HUD website here. The purpose of this article is to provide some helpful tips to others when their listings sell with FHA financing. By making sure that the home is ready for the appraisal inspection the entire loan process can run smoother and no additional trips will be necessary to verify HUD requirements are met. We have included here five items that should be addressed.
1.Electricity must be on for the appraiser to verify operation of the HVAC system, appliances, and the electrical system.
2. Plumbing must be operational so the appraiser can look for leaks, flush toilets, and check water pressure.
3. Attic access must be provided to check for insulation, attic ventilation, and any damage.
4. Access must be provided to the crawlspace (when present) to check for standing water, possible damage, and ventilation.
5. Windows must be able to be opened. This is important for safety reasons as access to the outside is necessary. In addition, if security bars are present, they must have a quick release mechanism or if that is not present they must be removed.
This is by no means a complete and comprehensive lists but it includes items which prevent delays in the closing process.
The Blog was originally written by Tom Horn (Atlanta, Ga) and sent via our office. We hope that this helps with a smooth transaction. The Harts
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