![]() If the home isīuilt after 1978 HUD will no longer require painting of defective paint surfaces, in most cases. Use tarps to collect paint chips to avoid contaminating the soil. All structural defects must be corrected.įor homes built before 1978, any peeling, chipping, or chalking paint on the house, detached garage, shed, fence, or anywhere on the property must be scraped, primed, and painted. Wood/soil contact that is not due to a structural problem will no longer require repair.Ī satisfactory inspection by a licensed civil engineer is required. Minor (non-structural) termite damage will not require repair. HUD will no longer automatically require a termite inspection. Grading must be adequate to drain away from house. Large settlement cracks, sagging floors or roofs, and significant deteriorated wood are conditions that require professional repair. Suspected an environmental assessment inspection may be required. HUD does not have a minimum setback for EPA super-fund sites but if contamination of the property is Proximity to high voltage power transmission lines is acceptable if the property is outside of the easement. Proximity to highways and railroads is acceptable. HUD no longer requires a maintenance agreement for private roads. ![]() Projects must be at least 51% owner occupied and may not have a "right of first refusal" clause in the association documents. Any re-sale within six months that is more then double the original price will require two appraisals. Any re-sale cannot occur within 90 days of a previous sale. The most recent changes are highlighted bold on this checklist.Ī lack of maintenance that gives a “run down” look to a property is acceptable.Missing or damaged flooring or carpet, rotted or worn out countertops, poor workmanship, damaged plaster or drywall, bathroom tile, missing or damaged interior doors, debris, trash, or other cosmetic items that do not otherwise jeopardize the safety or structural integrity of the property are acceptable and will not require repair.įlipping is a practice whereby a recently acquired property is resold for a considerable profit with an artificially inflated value. By eliminating many of the “nuisance” repairs and mandatory inspections HUD hopes to make it easier to buy or sell a home with FHA financing. While these standards have varied over time the recent changes have been some of the most dramatic in decades. Since its inception The Department of Housing and Urban Development (HUD) has established minimum property standards/requirements. This list is for informational pusposes only. Christopher Greco Appraisal Services in happy to provide homeowners and mortgage professionals a list of standard FHA issues which may require repair and a list of issues which no longer require repair.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |