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Fridays with the Fiddle Fig: 4 Common Bank Required Repairs

John Selby

An Engineer by education and Real Estate Agent by trade, I have learned the perfect combination of problem solving and excellent customer service comb...

An Engineer by education and Real Estate Agent by trade, I have learned the perfect combination of problem solving and excellent customer service comb...

Mar 22 3 minutes read

"I am getting a loan to buy a home, what are common repairs the bank will be worried about?"


Although we don’t often see the bank requiring a whole lot of repairs there are a few things that an appraiser is supposed to look out for when appraising a property.  Today I am going to go over a few repairs I typically see the bank requiring fixed before they approve a loan.

Handrails on stairs:  This isn’t one I have seen in awhile but I have had an appraiser require a handrail on some stairs that had a drop off on one side.  It was a set of about 5 stairs going up to the front door.  

Smoke alarms and carbon monoxide detectors:  Although this is not a large repair its something that is often on the list of items needing to be fixed before a lender will complete a buyers loan.  In the city of San Diego, a rule of thumb is that you should have one of each on every floor of the house.  More than one never hurts.

Earthquake straps on a hot water heater:  This is another common repair I see.  The appraiser is required to see and take a photo of the hot water heater with two earthquake straps on it.  This is to prevent any tipping which could cause flooding or other harm. 

Lastly, peeling paint:  I see this a lot.  In any home that was built before 1978 there is potential for lead based paint.  As a generalization, lenders assume every house has it.  This means that if an appraiser sees any peeling paint while on the property they are required to document it and, more often than not, the lender is going to require it to be taken off in those areas and repainted before they complete the loan.


These are all fairly easy fixes but I see them all the time. To minimize any costs for appraiser re-inspections it’s important to catch them and have them fixed before.  We are always on the lookout for these more common repairs to ensure its all addressed and there are no issues with our client's loans.


 

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