If you plan on purchasing a home with a FHA backed mortgage you might be wondering (like I always am) whether or not a particular house will pass a FHA appraisal. FHA loans are insured by the Federal Housing Administration and FHA approved appraisers must follow certain guidelines when appraising a property. If a home is a “fixer” and needs a lot of work, chances are it may not pass a FHA appraisal.
Below is a FHA appraiser checklist my Lender sent me. A good list to keep around when looking at homes, or if you’re getting ready to sell, you may want to make sure these items are attended to.
- At the time of inspection, all gutters and downspouts are in place with adequate drainage away from the foundation.
- The roof is in average condition with an estimated life expectancy of 15 to 20 years.
- The attic space above the ceiling was visually inspected with no apparent signs of water damage.
- Plumbing shows no apparent leaks and water pressure appears to be average.
- A test of the hot water system revealed that all sink locations tested received hot water in a reasonable time frame.
- The heating systems was active during the inspection and produced heat on demand.
- A random test of electrical outlets and light switches showed that all tested locations were functioning normally.
- All appliances appeared to be in average condition and are working properly.
- Interior floor coverings are in average condition.
- All windows appear to be working normally with no apparent leaking.
- Exterior walls are in good condition and all painted surfaces are in good condition.
- The crawl space was visually inspected and a vapor barrier was visible and dry and free of debris.
- No physical, functional or external obsolescence were noted, and no major repairs needed at the time of inspection.
I’ve wrote about the tax credit before although I have found sometimes watching a video is more helpful.
This video interview of Rob Dietz, director of tax issues for the National Association of Home Builders, explains the Federal Housing Tax Credit for First-Time Home Buyers.
For FAQ about the credit click here.
Anyone out there got their credit yet? Interested to hear the stories.
If your a homeowner facing a financial hardship and need to sell your home before the bank decides to foreclose, you may want to consider hiring a professional short sale negotiator.
These service providers (attorneys, escrow companies and even real estate agents) will negotiate on your behalf with the Lender, working towards selling your home before a foreclosure takes place. Not all Lenders will negotiate a short sale and generally you will need to be behind in your mortgage payments before a short sale will even be considered. The process is complicated and each situation is different. Therefore, working with a professional that understands the process and can facilitate a successful short sale, could save you time, money and frustration.
If your facing foreclosure and need some guidance, contact me. There are several local experts that can help.
Ive written 3 offers for 3 different buyers in the last couple months, all were in a multiple offer situation. If you don’t think properties are selling or whether we have hit the bottom, think again. I don’t need “experts” to tell me the markets improving, I see it. I see it in those multiple offer situations and I see it in the decrease in the amount of inventory available, especially in the homes priced under $200K.
If your a buyer who has been waiting for the bottom, there is a good chance its behind us.
It can take a buyer anywhere from 3-6 months to find a home and move in. With only 5 months to go for a first-time home buyer to take advantage of the $8000 tax credit, now is the time to make a move.
Click here to learn more on how the credit works and who qualifies
Are these the new buzz words to create interest in a property? If they are, its working.
According to the Northwest Multiple Listing Service, “members reported pending sales for April surged 11.4 percent compared to twelve months ago – and rose 21.3 percent from March”.
Which is no surprise with the record low interest rates, the excellent selection of homes available at affordable prices and the ability for first time homebuyers to take the $8000 tax credit. Buyers are starting to recognize the amazing opportunity available to them.
| April 2009 Single Family |
Total Active Listings |
Pending Sales |
# |
Median |
| Pierce |
6145 |
1238 |
580 |
$225,000 |
| King |
13164 |
2646 |
1242 |
$350,000 |
Statistics provided by the NWMLS
I came across this really cool tool that I wanted to share.
Its called Multicolr Search Lab by Idee, Inc. Click Here to check it out.
You are able to pick any number of color combinations from a color chart and it will search and retrieve images containing those colors from Flickr.
I can totally see using this when brainstorming color combinations for an interior space or coordinating a themed event. In fact Ive already been using it work up some new color combinations for my personal office (its really in need of a face-lift). Warning .. it can be extremely addicting, especially for us creative types.
Have fun!
Do you have a few old computers laying around like I do? Well now we have 
a place to bring them. As of January 2009, Washington residents can now bring their electronics to certain recycling collection sites.
E-Cycle Washington is a new program that provides an easy FREE way to recycle your old televisions, computers and monitors.
Visit E-Cycle Washington to locate recycling locations and learn more about the program.
Tonya M. Locken
