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HUD

Is your doggy door an FHA problem?

October 4, 2011 By Ryan Lundquist 8 Comments

We all know pets often need a way to get from the Laundry Room to the garage, but installing a doggy door on a fire door is not a good move to secure an FHA loan. Why is that? A fire door is designed to reduce the spread of fire, but when a pet door is installed in the fire door, the firewall is compromised. If you’ve ever cared to look, there should be a difference between the door to the garage (fire door) and many of the other doors in your home. Whereas bedroom doors are often hollow on the inside, the fire door to the garage is solid because it is designed to stop fire. All things considered, this is a safety issue in the eyes of FHA, so the problem must be cured according to FHA minimum property standards. A small hole may not seem like a big deal, but fire doesn’t discriminate against size, does it?

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: Appraisal Stuff, FHA Appraisal Articles, Resources Tagged With: appraisal service in Sacramento, appraisers in Sacramento, breech of firewall door, dog door, doggy door, FHA loan and pet door, FHA minimum property standards, FHA Real Estate Appraiser, fire door, firewall door in garage, health and safety issues FHA, HUD, Lundquist Appraisal Company, MPS, pet door, Real Estate Appraiser in Sacramento, Sacramento Real Estate Appraiser

Search for bank-owned houses on HUD’s new REO portal website

August 31, 2011 By Ryan Lundquist Leave a Comment

Last week HUD launched a new website to track bank-owned properties. The goal of the website is to help REOs be absorbed more strategically in the market, particularly for those using the Neighborhood Stabilization Program (NSP). The real positive of the site is to be able to see foreclosures lumped together in a neighborhood or city and quickly identify who has the most REOs (HUD, FNMA or Freddie). However, a tool like this is really only useful if the data is fresh and accurate. See the HUD REO website HERE. Thanks Dave Towne for the link.

Ultimately, I wonder whether investors and home owners would actually use this tool when many of them have Sacramento MLS at their disposal either personally or through a stellar local agent.

What do you think? Do you see any real use here or is this simply a neat tool with little impact? If you use another foreclosure tool, how does this website compare? I’d be especially curious to hear from investors and real estate agents.

If you have any questions, or real estate appraisal or property tax appeal needs in the Greater Sacramento Region, contact Lundquist Appraisal by phone 916-595-3735, email, Facebook, Twitter or subscribe to posts by email.

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Filed Under: FHA Appraisal Articles, Internet, Resources Tagged With: appraisal service in Sacramento, appraisers in Sacramento, Bank-owned property portal, Fannie Mae, find investment properties in Sacramento, foreclosure properties, Freddie Mac, HUD, investor in Sacramento, look up bank-owned properties online, Lundquist Appraisal Company, Neighborhood Stabilization Program, NSP, Real Estate Appraiser in Sacramento, real estate investment property, REO properties in Sacramento Region, Sacramento Real Estate Appraiser

The skinny on options for dealing with defective paint for an FHA loan

March 15, 2011 By Ryan Lundquist 2 Comments

A prospective buyer stumbled on my blog recently and watched a video about FHA and defective paint. She had some follow-up questions due to her situation, and I thought it would be helpful for others to see our interaction in case you are in a similar scenario.

Question from Buyer: Hello. I stumbled upon your video because I made an appointment to look at a house and the Realtor told me she hoped I had a conventional loan because an FHA loan has issues with the chipping paint on the outside. I have no idea if the paint is lead (the house was built in 1940 so there is a possibility). What are the options if the FHA loan is what I was approved for but don’t have the money to have the house painted? Could money be held in escrow to have the house painted or would the seller maybe pay to have it painted? Any help you could give me would be great! Great video!

My Response: Thanks for the comment and the question. Your options are really as follows: 1) Ask the seller to cure the problem; or 2) Find another way to cure the problem. The reality is that the issue needs to be cured – no matter how it gets done. Any paint surface that is defective (flaking, chipping or peeling paint) will have to be properly remedied and sealed. There won’t need to be any lead-base paint test. 3) A third option actually is to do an FHA 203K loan so you can get certain repairs like this taken care of without spending money out-of-pocket. You’d actually buy the property and then specific predetermined repairs would be made after the close of escrow from money bundled in your loan. Not all loan officers and brokers handle 203K loans or are good at doing them, so make sure you work with someone who knows about 203Ks. I’m glad to refer someone trustworthy to you.

The video below helps to explain the three ways to deal with FHA repairs. I hope this was helpful. Keep me posted if you have any questions or insight.

 

If you have any real estate appraisal, valuation consulting, or property tax appeal needs in Greater Sacramento, contact me at 916.595.3735 or www.LundquistCompany.com.

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Filed Under: Appraisal Stuff, FHA Appraisal Articles, Resources Tagged With: appraisal service in Sacramento, appraiser in Sacramento, appraiser service in Sacramento, appraisers in Sacramento, certified real estate appraiser, defective paint surface, FHA appraisal video tip, FHA paint standards, how to deal with chipping paint, HUD, Lundquist Appraisal Company, sacramento appraisers, Sacramento Real Estate Appraisal, Sacramento Real Estate Appraiser, Saramento Area Appraiser

FHA Appraiser Tip: Strapped water heaters & garage doors in Sacramento

March 3, 2011 By Ryan Lundquist 7 Comments

There are many requirements for a property to qualify for an FHA loan. It’s important to understand all the little things if you are considering getting an FHA loan, selling your Sacramento area house or listing a property for a client. If you didn’t know, FHA loans comprised 28% of the market in 2010 in the Sacramento area, so details like this are very important.

In this video I take one minute to discuss the importance of water heater straps and self-closing garage doors. You can view other videos and FHA content here. Keep me posted if you have any questions.

If you have any real estate appraisal, valuation consulting, or property tax appeal needs, contact me at 916.595.3735, www.LundquistCompany.com or via Facebook.

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Filed Under: Appraisal Stuff, FHA Appraisal Articles, Resources, Videos Tagged With: appraisers in Sacramento, Certified Residential Appraiser, Department of Housing, FHA Appraisal Standards, FHA Appraiser, FHA Minimum Property Requirements, FHA self-closing garage door, FHA water heater straps, HUD, Lundquist Appraisal Company, Ryan Lundquist, Sacramento Appraisal Service, sacramento appraisers

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