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My wife and I are doing an FHA loan on our upcoming home purchase. There is a section of paint under the car port and front porch where the paint is peeling a bit in spots. I was aware of this prior to making an offer. I had checked it out pretty carefully along with the wood underneath and felt it was not that big of a deal, and something I planned to tackle myself within the first few months anyway.
Then the appraisal was performed and they told us that FHA is extremely picky about peeling paint. Short version is, I'm going to have to have it fixed. In the interest of cost, can I just paint it myself even tho I don't own the house yet? It wouldn't be too hard to do and I have worked as a painter before, (painting isn't that challenging anyway haha) Or does the FHA require that some kind of licensed contractor perform it? I have no problem just getting out there and getting my hands dirty.
Have your agent contact the seller's agent and see if it's ok with them. You can't do anything on your own since you don't own it, but if the seller is ok with it, then do it... but for the seller's sake, in case you end up not closing, I would make sure there was something in writing about what kind and color of paint to use.
Also, FHA could care less about who does it, but the FHA appraiser is going to need to come back out for a nice $100 fee to reinspect to make sure it was done... however, sometimes the lender will accept pictures of the before and after as proof.
The house is vacant and in a trust administered by a bank. They wanted to credit us more toward closing instead of dealing with making the repair which honestly is fine by me. I'm actually probably going to be able to save on the repair and come out ahead because of it. They have agreed to add an amendment about them reimbursing me for the cost should the deal not close. But we don't have any other contingencies left to kill the deal so it should be OK.
If FHA now is anything like when we bought in 1987 the peeling paint will have to be re-done. No credit to buyers is acceptable.
No, what I mean to say is the bank (the one in charge of the trust, not our lender) decided to just give us more money toward closing to offset the cost of me having to do the painting. I guess some guy in an office at a bank doesn't want to bother with contractors and quotes for items like this. Oh well. It's no big deal its just kind of weird to do something to a house I don't yet own.
No, what I mean to say is the bank (the one in charge of the trust, not our lender) decided to just give us more money toward closing to offset the cost of me having to do the painting. I guess some guy in an office at a bank doesn't want to bother with contractors and quotes for items like this. Oh well. It's no big deal its just kind of weird to do something to a house I don't yet own.
I don't know what FHA will do then. Like I said my experience was more than 20 years ago, the sellers offered to do something similar and FHA said no, the repairs/painting/garage demo had to be done by the seller prior to approval/closing. I really wanted to demo the garage myself, there were antique tools all over the place in it.
What was funny was the FHA inspector who noticed the paint totally missed the missing shingles on the porch that were leaking when it rained. The paint was 5 feet from the shingles.
No, what I mean to say is the bank (the one in charge of the trust, not our lender) decided to just give us more money toward closing to offset the cost of me having to do the painting. I guess some guy in an office at a bank doesn't want to bother with contractors and quotes for items like this. Oh well. It's no big deal its just kind of weird to do something to a house I don't yet own.
Not weird at all....I was in my house doing all sorts of little repairs for the bank just to close. If it's something that small and that's the only thing getting in the way, you're lucky by far! Good luck!!!
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