If you’re planning to purchase a home, here are 4 Things to Know About Home Appraisals. These features are required for government-backed loans. For example, the appraiser will look for smoke detectors on every level, handrails on every staircase, and other safety details. These details can make or break a home’s value. You’ll need to meet these criteria before your appraiser will be happy to give you a quote.
Home must meet FHA’s appraisal guidelines
Before an FHA loan can be approved, a home must meet certain requirements. It must meet certain appraisal guidelines, meet local building code requirements, and be free of hazardous chemicals. HUD 4000.1, the FHA’s Single-Family Loan Handbook, lays out the guidelines for FHA appraisals. For example, FHA appraisals will require that a home’s mechanical systems be in good repair and sufficient to serve the needs of the house.
Home must have a solid foundation
Before a home appraiser can make a determination about its value, he or she needs to know how it’s built. A home that lacks a solid foundation is unlikely to sell for top dollar. The foundation should be sound and the heating and cooling systems functional. The home should be free from rotting wood and chipped paint, which can have harmful lead contents. Inspect the roof and siding to make sure they have at least two years of life. There should also be no evidence of termite infestation, so the homeowner should do the necessary repairs before settlement.
Home must not have evidence of termite infestation
In order for a seller to receive a high-quality home appraisal, he or she must disclose any evidence of a termite infestation. While disclosure does not mean that a buyer cannot purchase a property that contains termite evidence, it does give the buyer more confidence when looking at the home’s value. A home appraisal must contain no evidence of termite infestation to avoid legal trouble, and disclosure is legally required.
Home must be in a good location
A home can be ideal in many ways, but if it’s not in a good location, it might not fit your lifestyle. For example, a home near public transportation, a hospital, or a university may not be a good fit if you’ll be commuting long distances to work. If you plan to run a business out of your home, the location must be compatible with your business needs.
Home must not have mold
If you’re selling your home and you have discovered mold in it, you need to tell a prospective buyer about it. While some mold levels are harmless, others can scare off potential buyers. Potential buyers care about mold and may not be willing to pay the full asking price for the home if it has mold. If you’re selling your home, you need to find the cause of the mold and remedy it before the official appraisal.
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