fha predications: Wing wall? And it needs a railing?
- 02/09/11 09:57 AM
"Wing walls need railing," was on the FHA appraisal, and the client was mystified. Since it was an FHA appraisal and it involved a railing, I knew the appraiser was talking about a wall or ledge off of which someone could fall. I had never heard the term "wing wall." The house did not have an open stairwell, so I asked the client if there were any photos. "Only of the outside of the house," she said.
That was the clue I needed, as I realized the appraiser was talking about the retaining walls on either side of the walk-out … (2 comments)
fha predications: How do you know if it will pass FHA?
- 02/08/11 03:18 PM
Buyers and agents often ask that question, now that increasing numbers of buyers want to use FHA loans. An FHA appraisal (not to be confused with inspections that every buyer should order) may cite areas that must be repaired prior to closing. Those citations are called predications. Not every seller will agree, however, to make repairs. The foreclosure seller is an example of one that may refuse to make repairs, specifically stating that the sale is AS IS. Though not a comprehensive list, by any means, the following are among frequently cited predications for FHA loans: Foundation issues Structural issues that compromise … (18 comments)
"Wing walls need railing," was on the FHA appraisal, and the client was mystified.
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