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an Illinois residential mortgage licensee 

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Arlington Heights, IL 60004

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The Power of Good Advice

ORM Blog

Appraisal Fiasco

October 10, 2018

 

 

PAINT
Due to lead paint concerns, the home cannot have any evidence of peeling or chipping paint.

Commonly Found In: Homes built before 1978.

Resolution: Repainting or removal of all existing paint is required.

 

UTILITIES
All outlets GFI, lights, plumbing, appliances and heating and cooling systems must be operable and turned on at the main power source prior to the inspection.

Commonly Found In: Vacant properties, real estate-owned properties, short sales, pre-foreclosures. Resolution: Encourage your clients to take note of which outlets are not functioning in the home and replace them. They may want to consider hiring an electrician to make sure both outlets and the electrical box are updated and in proper working condition.

 

WINDOWS
Have your client take a quick inventory of the windows to make sure they’re in good working order. Replace windows that are cracked or broken before the inspection to save time during the selling process. Also, The U.S. Department of Housing and Urban Development (HUD) and some conventional investors require that barred bedroom windows without exterior access must have security release latches, that are commonly found in garden units and street-level properties in urban areas.

 

HANDRAILS
To comply with HUD property safety standards, all steps and stairways must have railings. For properties with more than one floor or elevated/lower-level entrances handrails must be installed near steps and stairways that don’t have them.

 

WELL, WATER SUPPLY AND SEPTIC SYSTEMS
The well or septic tank and leach lines must be equipped, identifiable and an acceptable distance from property lines and sources of pollution.

Commonly Found In: Older properties, rural properties 

Resolution: These systems must be updated or replaced if they fail a water well test.

 

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