Common FHA Appraisal Repair Items

Here are some common appraisal repair items to note when a home is sold via a FHA mortgage loan:

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Chipped/Peeling Paint
Any chipped or peeling paint inside or out of homes built prior to 1978 must be corrected (including scraping and repainting.) All paint chips must be removed from the home.

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Roof Condition
The roof must not leak or allow any moisture in to the home. The roof must be able to function well for two years.

Electrical Wiring
No frayed or exposed electrical wiring is permitted and must be corrected. Missing light switches or outlet covers must be replaced. Outdoor electrical boxes require weatherproof covers.

Utilities
All utilities must be turned on for the house inspection and appraiser.

Dry Basement
Older homes, by nature, may have moisture from time to time, and this is acceptable as long as the appraiser says it is typical. Newer homes with water in the basement on any regularity will require an inspection by a professional to determine the source of the water and any corrective measures.

Whenever possible, it is best to prepare in advance and correct the above issues prior to the appraiser performing an FHA inspection.

Need help with your home mortgage loan? Contact Sibcy Cline Mortgage Services.

Need help with home repair? Contact Sibcy Cline Home Services.

 

A First-Time Home Buyer? Here is the Home-Buying Process

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Thinking of buying a home for the first time? Here is a synopsis of the home-buying process:

Hire a Real Estate Agent
This professional will be your guide from beginning to end and will assist in your home selection, purchase negotiations and closing. Work with someone who listens to what your housing needs are and is knowledgeable of your market area. Here are some of the activities your agent will coordinate with you:

  • Learn what home features are most important to you – condition of the home, age of home, design of home, quality of home features, etc…
  • Do you prefer a newly built home or a re-sale home?
  • Make arrangements to tour homes
  • For each home tour, provide details about the property
  • Discuss benefits and drawbacks of each home toured in relation to your needs
  • Provide current comparable market analysis of homes in the areas of most interest with information that includes: active listings, sold homes and pending home sales and sale histories of the home of interest
  • Insure you understand all of the terms and conditions of the purchase contract and other documents
  • Perform detail work and negotiations that arise from submitting your purchase contract to the seller
  • Insure all parties involved are performing their roles to bring about a smooth purchase transaction through to the closing

Qualification for Mortgage Loan – Determine Your Purchasing Power
Before beginning a home search, it is best to have pre-qualification for a mortgage loan so you can determine the amount you can afford as well as an estimate of what costs you will incur with the mortgage. Pre-qualification gives a buyer stronger negotiating power over non-qualifed buyers.

Your mortgage loan officer will also educate you on the different type of loans that are available and will help you choose the one that best serves your needs.

Location
Take time to figure out where you want to live. Factors may include:

  • Near to schools or work
  • Proximity to highways (or other transportation) and airport
  • Ambiance of the area: Does the neighborhood have well-maintained yards? Is it a walkable area? Is there a nearby business district or recreation area? Do you prefer a neighborhood that offers an outdoor pool and other amenities?

Make An Offer
Your real estate agent will assist you in making an offer on a home. This purchase contract will include the price you are willing to pay, along with any terms you have included (such as occupancy date and inclusion of appliances, to name a few). Many contracts also have contingencies to purchase such as a house inspection or financing.

Negotiations
Once the contract has been submitted, there may be a period of negotiation of price and terms. Your real estate agent will guide you through this back-and-forth process, and hopefully the result is an accepted offer.

Home Inspections
Once you have an accepted purchase contract, you will want to schedule a whole-house inspection to evaluate its structural and mechanical condition. This inspection reveals observable conditions and the professional inspector may make recommendations to consult a specialist (such as a roofer, engineer, etc.) You will receive a detailed report from the home inspection. Based upon the results of this report, you may have more negotiations with the seller.

Finalized Your Mortgage Loan and Obtain Insurance
At this point your loan will be going through its final steps with your loan officer. The mortgage institution will require an appraisal of the property. You will need to obtain home owner’s insurance. And, you will need to consider purchasing an owner’s title insurance policy to defend and protect your investment from future liens or disputes of title claims. Learn more about title insurance here.

Closing Day
An exciting day is when you sign on that dotted line and take ownership of your first home. Usually the sellers, buyers, their real estate agents and the closing officer meet together at an agreed upon time and location. Your agent will review all of the documents with you so there are no surprises at your closing. Congratulations, you are now a home owner!

Sibcy Cline Home Services – 13 Years of Providing Support for Home-Related Needs

Sibcy Cline Home Services was established in 2000 as a support team offering  the coordination of home-related services and vendors. Since that time, thousands of home owners have taken advantage of this free service.

  • No fee to join Sibcy Cline Home Services
  • The service is available to anyone living in Greater Cincinnati and Dayton, Ohio; Northern Kentucky; and Southeastern Indiana
  • Sibcy Cline Home Service vendors are vetted so you feel confident in their performance

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Do you need help with…

  • Home inspection
  • Home staging
  • New carpeting or other types of flooring
  • Landscaping
  • Painting
  • Moving estimates
  • Heating, cooling or plumbing
  • Remodeling or renovations
  • Deck building
  • Roof repair or replacement
  • Gutter repair or replacement

See the home service vendor list here.

Some unique home-related services you may need:

  • Furniture repair
  • Kitchen or Bathroom cabinet repair or refreshing or recoloring
  • Tile and stone restoration
  • New appliances – one of our vendors has an appliance close-out center with 200 models on display
  • Glass specialists – Including glass block, mirrors, tabletops or window film
  • Wood floor refinishing – sandless or dustless options are available with a 5-year warranty with most jobs completed in one day

Contact Sibcy Cline Home Services here or call:
513-985-9565 or 888-969-9944
Monday – Friday 8:30am -5:30pm