Author Topic: AAAAAAAH (FHA appraisal woes)  (Read 1096 times)

ditheca

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AAAAAAAH (FHA appraisal woes)
« on: November 03, 2016, 10:41:35 AM »
I'm trying to sell my home.  I've got a buyer, and we could close in 12 days if the bank's FHA appraiser would sign off on it.

She noticed some black dots on the ceiling in my attic and wants 'an inspection that conclusively states whether the substance is hazardous or not.'

Mold inspectors and remediation experts I'm talking tell tell me that it is ludicrous to test or remediate mold in a residential attic because it is a non habitable space.  They are happy to do it for $4000ish, combing over all the rafters with HEPA vaccuums and sealant and more vaccuums like they do at hospitals and schools.  But no guarantee that I'll be free of 'hazardous material' afterwards.

Anyone have experience with FHA appraisers? Any idea how we can satisfy him?  Losing this sale over specs in the attic is driving me crazy. 

The appraiser refuses to specify what kind of inspection he expects or what he will require if hazardous material is found. 

The inspectors tell me that hazardous material will definitely be found, because all attics have hazardous material.

nobody123

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Re: AAAAAAAH (FHA appraisal woes)
« Reply #1 on: November 03, 2016, 03:08:35 PM »
The person who bought my last house did an FHA loan.  I'd heard horror stories about their inspections (like having to scrape / repaint the trim on a detached garage because it was flaking in a few places), but the guy I dealt with was cool.  He asked to see the city permits & sign offs for all of the recent work I had done and disclosed to the seller, did a home inspector type walkthrough, and then at the end asked me what price the buyer and I agreed on.  His appraisal was $100 over the amount I told him.

If you got the official ding for mold on the report, you will have to somehow remediate it to appease them.  The test alone can't be $4K, so spend the hundred bucks or so to find out what it is.  If it is mold but not a hazard to the occupants, they might just lower their appraisal amount to adjust for its presence.  If they red-flag the property or the appraisal comes in too low, then you can contact the buyer and negotiate who will pay for the remediation.  Unfortunately, if it is mold and this sale falls through you'll now have to disclose that to anyone else interested in the property.