WHAT DOES A REAL ESTATE APPRAISER LOOK FOR?
If you are selling your house you should be aware of what does a real estate appraiser look for, this way you can be proactive and make the needed repairs before putting your house on the market.
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If you are buying a property you should also be aware of what does a real estate appraiser look for. Depending on the type of financing you will be using (Convectional, FHA, VA or other) the appraiser will be looking at different aspects of the property. To get a clear to close repairs may be requested.
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We have compiled a list of most common conditions that a real estate appraiser will look for, in red conditions that will be looked at for an FHA appraisal inspection
EXTERIOR:
• Type and condition of roof
• FHA: A roof inspection by a licensed and insured roofing contractor may be needed if there is evidence of leakage, if it is worn or if the roof appears to have a remaining life of less than 2 years. If the life of the roof is less the 2 years most likely it will have to be replaced.
• Condition of trim, soffit and fascia
• FHA: All gutters and downspouts must be functional and typical for the area.
• FHA: Exterior wood surface has to be replaced if rotted
• Type of exterior siding and condition
• Types of windows and if there are storm windows
• If there are porches, what is the condition?
• FHA: Balconies without railings require access door that has a deadbolt at least 60” from the floor
• Are there garages? What is the condition?
• Landscaping, driveways, walkways?
• Condition of surrounding properties and general price range
• What public utilities serve the property?
• Make of the neighborhood. How does the subject property fit with the others?
• FHA: The rejection of the location of a property only in situations where the subject property may be affected by environmental hazards, noxious odors, offensive sights or excessive noise to the point of endangering the physical improvements or seriously affecting the livability of the property, its marketability or the health and safety of its occupants
• FHA: No dwelling should be located within 10 feet of the outer boundary of a high voltage transmission line easement, not may be site be any closer than the fall distance of a structural tower supporting lines.
• FHA: Chimney should not have craked or chipped mortar or loose bricks or cap
• FHA: The grading of the lot must provide drainage away from perimeter wall of the property
• FHA: Private water systems must be tested according to local codes and/or regulations
INTERIOR:
• Detailed notes number of rooms, uses, flooring materials, wall, and celling condition
• Square footage
• Number of bedrooms, closets in bedrooms, condition
• If there is an attic, if it is insulated if it has a floor
• Attic – Is there evidence on the celling of water leakage from the roof?
• Wall outlets in each room
• FHA: There must be electrical outlet(s) in each room
• Baths – run water in bathroom, check water pressure, flooring, surround walls and materials used
• FHA: There must be a permanently affixed and fired by gas, electric , propane or oil heat source
• FHA: Space heaters are acceptable if they are common area, controlled by a thermostat , located centrally for heat disbursement, permanently affixed vented and are adequate to heat the property
• FHA: Any broken or missing fixtures must be repaired/replaced
• FHA: Smoke and carbon monoxide detectors are required ny New York State Law
• FHA: Insect infestation must be addressed by qualified contractors
• FHA: If there is evidence or indication that suspected asbestos containing materials are present in the property, the appraiser must note on the report if is not contained or it is decorating
• FHA: Handrails must be in place in stairwells, interior or exterior steps
• Condition of the kitchen, cabinet materials, and appliances if any
• FHA: All utilities must be on and in operating condition at the time of appraisal
• FHA: Lead based paint hazard: Correct all defective paint surfaces for homes build prior to 1978. This includes entire interior and exterior of the property, as well as garage and any exterior components such as barns, fences, etc.
BASEMENT:
• FHA: There must not be structural deficiencies in foundation, floor support system, framing and roof. If structural problems are apparent a report from a qualified engineer may be required, stating conditional and required repairs
• FHA: The attic, basement and crawl space must be accessible and be adequately ventilated
• FHA: The crawl space/basement must be dry. If dampness is noted, a qualified inspector must submit evidence that the problem has been corrected. The crawl space must be at minimum 18” from the bottom of the floor joist.
• FHA: In most situations Hot water heaters cannot be located within the living space (kitchen, bathroom, bedroom, ect). If hot water tanks are in closet these areas must have permanent vent
• Hot water heater size and condition
• Type of water lines
• Type of ac
• Is there floor drain or sump pump?
• Is there outside entrance?
If the property has water well, what type, location, what type of pump and location.
If the property has a septic system, how large is the tank, is it the appropriate size to service the property.
The Answer to What Does a Real Estate Appraiser Look For, may variey depending an the loan type, lender and loacal regualtions.
Provided courtesy from SANDRA DEVARGAS Real Estate Salesperon and The DeVaargas Team at
Keller Williams Realty Buffalo Northtowns
4955 N. Bailey Ave, Amherst NY 14226
Call or Text 716-316-1629 for information on Buyer’s Representation Services (NO COST TO HOMEBUYERS)
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