If you saw containers like this at a residential property, what questions would you ask? Two immediate questions that come to mind are: What is in the containers? Has anything in the containers been leaking into the soil?
I snapped the image below while inspecting a property for an estate settlement appraisal in the Arden-Arcade area of Sacramento. No lender is actually involved in this valuation, but when appraisers see things as such, it’s important to disclose it in the report because of the unanswered questions and potential for unseen environmental issues. There might be nothing wrong whatsoever, but storing chemicals and barrels at your house is going to raise red flags in the eyes of appraisers, real estate agents, lenders and attorneys. By the way, if you are concerned about contamination in your area, the EPA’s Superfund site may be a good resource for you.
What do you think is in the containers? (points for creativity)
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.
I was thinking about this because there is a complex right now in the Sacramento area (Fair Oaks) that is facing this very situation and it’s been more difficult for sellers because lenders have seemed hesitant on making loans on properties in the complex right now. The litigation in this case involves construction defects in the common areas and actually has nothing to do with the actual units (built in 2007 – very nice).
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!
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.
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