I tell you! After 9 months, we finally have short sale approval on both loans, the buyer has loan approval, inspections and disclosures are done, Then... the Appraiser throws a monkey wrench in it with a list of conditions!
How do we as agents stay proactive in making sure the home will meet an Appraiser's Standards?
We know FHA and VA the house has to be move in ready... it must have appliances... if there's a hole, there must be an appliance!
However, how do we as agents know when the existing steps that lead into the house, don't meet the "new height requirement" of 6-6inches; especially when the house was built in 1978? Or the posts in the deck are too wide, because in the last 10 years, the codes have changed where it must be 3 inches apart vs. 5 inches apart? Or the hand rail isn't constructed with a 4x4 post? I mean, come on... Not that I don't understand... but, when we take a listing, we're already advising our clients that ‘less is best, strap the water heater and clean up the yard". Now we have to measure the height of the deck, the posts and make sure the steps to the house are constructed with a 4x4 post!
What other codes have changed in the last 10 years? 5 years? 3 years? Will we ever know before the appraiser gets there? Are we suppose to? We can't possibly keep up with everything..... but, we don't want last minute costly surprises before we close escrow!
So help us appraisers! Can you save us from being blind-sided from new codes with older homes!
Should a Seller get an appraisal before they place the home on the market to be proactive for repairs? What do we have to do to prepare our seller's for last minute costly repairs from Appraisers? Or should we keep an emergency kitty for unexpected fixings... like the pad in escrow... Tell me... How can we be proactive in 2010 with these 1978 houses that don't meet recent codes!