Appraisers frequently call out repairs of all kinds, and for some reason it has been happening more often lately. Examples include: (1) a rickety outside stairway that was a “health and safety” concern; (2) un-strapped water heaters; (3) peeling paint; (4) broken windows; (5) excess debris around the house; (6) broken roof tiles; (7) broken garage doors; (8) broken appliances; (9) torn and protruding carpet on a stairway; (10) missing pool-fence or alarm from door leading to pool; (11)missing CO detectors; and (12) security bars over windows without a quick-release.
These repairs are called out by both FHA and Conventional appraisers; “Health and Safety” issues are called out by all appraisers, not just FHA. Realtors often get overly concerned when repairs are called out. But, we have become adept at addressing them.
We have myriad contractors and handymen lined up who can do the repairs in a hurry. As soon as we line up our repairman, we also line up the appraiser for a “re-inspection” to certify that the repairs are done.
We have been able to pull off major repairs and completion certificates without any delays in escrows. Even when the repairs involve REO properties.
There is no need to panic when appraisers call for repairs, unless they are major structural issues (we once had an appraiser call for a new foundation and that was a “deal-killer”; neither the buyer, the seller nor JVM was willing to attempt $60,000 of foundation repairs in 18 days).
Founder/Broker | JVM Lending
(925) 855-4491 | DRE# 01524255, NMLS# 335646