Mortgage loans backed by the Federal Housing Administration, also known as FHA loans, provide excellent opportunities to homebuyers, especially if they are trying to bounce back financially or purchase their first home. While these loans do have favorable terms, before you are able to use one to purchase a home in Fort Worth, you will need to hire a certified Fort Worth appraiser.
Why Do You Need an Appraisal?
The FHA requires Fort Worth appraisal reports to ensure that the home that is being financed provides safe and healthy conditions for the people who would like to live there. While these are important priorities, waiting until your Fort Worth real estate appraiser uncovers necessary repair items can prolong the home buying process considerably.
One way to get into your new home as quickly as possible is to identify and address common FHA repair items before you schedule your home appraisal.
These items include:
Pre-1978 Peeling Paint
If the home that you are financing was constructed before 1978, cracked or peeling paint can pose a safety hazard, as the paint may contain lead. To create a safe environment, the old paint should be removed before new paint is applied. Any paint chips along the floor must be removed as well.
Non-Functioning Utilities or Appliances
Before your Fort Worth appraiser arrives to evaluate the property, all utilities must be turned on and in working order. The appraiser will need to be able to test these systems and record that they are functioning.
Also, if there is clearly a designated space for a major appliance – a dishwasher, oven, refrigerator, washer, dryer, etc. – these appliances should be present. The functionality of these appliances will be tested as well.
Damaged or Exposed Electrical Wiring
Any frayed or exposed electrical wires pose serious fire safety hazards. To protect yourself, and your property, have these wires repaired and properly housed.
Leaking Roof
Your real estate appraiser will need to check the condition of your roof, looking for major signs of disrepair or leaks. The FHA typically prefers that the roof be in good enough condition to feasibly function for at least two more years.
Lack of Functioning Carbon Monoxide Detectors
One of the easiest repairs to make before scheduling your appraisal is inspecting and repairing your carbon monoxide detectors. This is generally as simple as replacing the batteries and testing them. Be sure these devices are spaced accordingly throughout the home, and in proper working condition, before your appraiser arrives.