Today i thought i would share 10 appraisal terms you should know in the hopes that it will help you better understand the appraisal report.
Roof and deferred mainenance in appraisal report.
Other deferred maintenance issues that may also get flagged.
It is common to see a bank appraiser question the condition of a roof in their appraisal report.
If the roof has less than two years remaining life then the appraiser must call for re roofing or repair.
Many lenders will want the peeling paint corrected before issuing the loan.
If the roof appears to be in poor condition in the appraisal pictures then often lenders will ask for a certification from a roof inspector estimating the remaining life of the roof.
If you ve ever gotten a home appraisal for either a home equity loan refinance or home purchase you may have looked over it and wondered what some of the terms used mean.
Generally appraisers want at least 3 years left on the life of a roof or they ll flag it in the appraisal and you may need to replace it.
All roofs contain of two parts the sheathing deck and the protective roofing surface that covers it.
Now neglecting the condition of permanent home features is considered deferred maintenance.
In either case your lender will need to know the current market value of the home you own or the one you want to buy.
The appraiser must clearly state whether the subject is to be repaired or re roofed any leaks or moisture due to a problem with the roof are noted will be noted on the appraisal report.
Since the cost to replace a roof is significant a bank appraiser will make sure the roof is in good condition.
These factors would even affect your chances of getting fha loans.
Broken window panes leaking water lines missing handrails broken heating systems or noticeable.
Appraisers will flag any major issues regarding plumbing electrical and hvac heating ventilation and air conditioning.
Because these items would require costly maintenance in the near future the appraiser would lower the appraisal value of your home accordingly.
Things like cosmetic issues and style are not supposed to be included in the appraisal but if the paint is peeling or there are holes in the wall that will likely be a problem for an appraiser.
Even if you replace one of these essential home features the appraisal value may not increase much if at all.
All systems should be in working condition or you ll.
The presence of excessive moss on the roof rotten rafter tails cracked and peeling paint over the doors and unpainted exterior surfaces are just some of the external areas that would have a negative impact while refinancing appraisal your home.
During a roof appraisal both parts are inspected for.
The majority of mortgage products will require that there is at least 3 years of life expectancy remaining on a roof.
The appraisal is a key part of the mortgage lending process whether you re applying for a new mortgage loan to finance the purchase of a home or if you want to refinance your existing mortgage loan.
