Here are the five most common appraisal required repairs:
➡️ Roof Repair
One of the most common appraisal issues is also one of the most expensive: Roof repairs. The average cost to replace a roof runs between $4,700 and $10,400, or about $405 per square foot.
➡️ Paint Problems
Peeling paint may be unattractive, but that’s not the only reason an appraiser may cite it. Did you know that paint can also be a health hazard? Homes built before 1978 may contain lead paint, which has been linked to a number of human health issues. Many mortgage lenders won’t issue a loan until paint issues are repaired.
➡️ Hazardous Handrails
If your home has missing or broken handrails, be prepared for the appraiser to cite them.
➡️ Wonky Wiring
Of course, electrical system problems send up red flags. But what are appraisers looking for when they inspect a home’s electrical system? One common issue lies in a home’s amperage. If the house has a 60 amp electrical system, many lenders won’t issue a mortgage. Most bank appraisals will require a system upgrade before approving a loan.
➡️ Haywire HVAC
Before rubber-stamping a loan, a traditional mortgage lender needs to know that a home has a functioning heating and cooling system. The appraiser will check to see that the home’s HVAC system is working properly, including the furnace, air conditioning unit, venting, and duct ways.
Looking to buy or sell your home? Call me today!
Gary "Mr. Action" Fayerman
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