Sometimes appraisers call for repairs in the appraisal. There are a small handful of reasons why an appraiser might call for repairs. Here are the typical three main reasons why an appraiser could call for repairs in the appraisal.
- If an appraisal report is for a Fannie Mae or FHA or VA-insured loan, the appraiser will have to consult with the guidelines for those specific standards. Some of these loans that are insured by government agencies can’t go through if certain specifications aren’t met. Issues that might arise include peeling paint in a home built before 1978 or damage to the roof.
- Blatant health and safety issues can lean to an appraiser calling for repairs. Even some conventional loans might not close if there is a serious safety or health issue in the home. For example, a home with mold all over or a crumbling foundation is probably a big safety concern.
- Lenders sometimes have additional requirements that would be greater than what an FHA loan would require. These are called, “overlays.” For example, some lenders require that there is no fracking on the property. Others require that a smoke detector is placed in each bedroom.
Another thing to realize is that sometimes an appraiser can’t tell if something is a problem. If anything seems like it might be an issue, the appraisal might say that the appraised value is subject to further inspection by a specialist.
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