When an Appraiser goes out to the home you are purchasing, the appraiser will make note of the condition of the home when taking into consideration the value of the home. If the appraiser notes any repairs in the appraisal report, the Bank will require those repairs to be fixed before approving the Buyer’s home loan. Most of the time a re-inspection fee will apply for the Appraiser to go back out to the home to confirm that the repairs have been made, and then prepare an amended Appraisal report to submit to the bank. The Buyer will incur this re-inspection fee which can range from $100-$200 depending on the Appraisal Management Company fees.
The most common noted appraisal repair is “peeling paint” on the exterior of a home.
Not only will the exterior be noted but the interior of the home could have red flags also if there is any missing flooring, holes in the sheetrock or appliances do not work.
Copyright 2014© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605