Real Estate Analysis and Commentary

November 23rd, 2018 1:10 AM
One of the most common FHA issues, especially for older homes, is peeling paint. Prior to 1977 paint contained lead. Because of this reason FHA requires peeling paint to be repaired.
Several years ago i was inspecting a home in Putnam County for a FHA loan. The home was not updated, the exterior had painted wood trim around the windows and doors. All of the painted trim was peeling and needed to be repaired. This was a problem because the home was owned by an estate and would not pay to repair the peeling paint.
2 days after my the inspection date, I received a call from the realtor, who explained to me that she and the buyer would repair all the peeling paint themselves. A week after that, she called me again and said that the work was done. Terrific, call your loan office and tell them you have finished and they will send me an order to come out and reinspect the property. Sure enough, an hour later I receive the order, I call the realtor back, tell her I can be there tomorrow. She tells me great, they are in a rush to close.
The next morning, I arrive at the home and I see all the trim repaired and newly painted. I walk around the home to check the side and the rear, all done. I walk to the last side, nothing. All of the wood trim paint is still peeling.
I called the Realtor immediately, she tells me "it got too dark, we couldn't see the last side". I just laughed and said you have to come back to finish.

Posted in:FHA Observations and tagged: FHA
Posted by Robert Pasacrita on November 23rd, 2018 1:10 AMLeave a Comment

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