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Old 08-06-2009, 09:30 AM
 
136 posts, read 522,580 times
Reputation: 62

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Hi-

We have to close fast (Aug. 14th) on a foreclosure with an FHA loan. The deal has been in works for months and now we are down to the wire on a special program we are getting our interest rate through.

My husband and our Realtor met last night to go to the house and decide whether we wanted to do the list of repairs we agreed to make ourselves or higher them out.

It appears that the Realtor believes that the entire basement ceiling (not finished but someone painted it) has to be scraped and repainted. Also, all the exterior window ledges on the back of the house plus some other places on the front of the house.

We assumed that the only places that would have to be repainted would be places the appraiser showed pictures of on the report (there is a picture of the basement ceiling but only showing where there was a small radiator leak with peeling paint).

The appraisal doesn't specifically state that the entire basement ceiling needs to be repainted and nothing about the back windows. It only says exterior and interior peeling paint needs to be fixed.

So, my question is....... How the heck are we supposed to know exactly how much of these stuff needs to be repainted. This is obviously way more money than we expected but also we are working on a tight timeline.

Thank you.
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Old 08-06-2009, 11:35 AM
 
4,547 posts, read 11,564,064 times
Reputation: 3069
Quote:
Originally Posted by arkcitynative View Post
Hi-

We have to close fast (Aug. 14th) on a foreclosure with an FHA loan. The deal has been in works for months and now we are down to the wire on a special program we are getting our interest rate through.

My husband and our Realtor met last night to go to the house and decide whether we wanted to do the list of repairs we agreed to make ourselves or higher them out.

It appears that the Realtor believes that the entire basement ceiling (not finished but someone painted it) has to be scraped and repainted. Also, all the exterior window ledges on the back of the house plus some other places on the front of the house.

We assumed that the only places that would have to be repainted would be places the appraiser showed pictures of on the report (there is a picture of the basement ceiling but only showing where there was a small radiator leak with peeling paint).

The appraisal doesn't specifically state that the entire basement ceiling needs to be repainted and nothing about the back windows. It only says exterior and interior peeling paint needs to be fixed.

So, my question is....... How the heck are we supposed to know exactly how much of these stuff needs to be repainted. This is obviously way more money than we expected but also we are working on a tight timeline.

Thank you.
This would mean that ALL peeling paint needs to be fixed.
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Old 08-06-2009, 11:37 AM
 
Location: Salem, OR
13,753 posts, read 31,616,112 times
Reputation: 12124
You need to do any peeling paint. Most appraisers take "sample" shots.
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Old 08-06-2009, 11:55 AM
Status: "Planning for the future." (set 11 hours ago)
 
Location: Just south of Denver since 1989
10,688 posts, read 28,531,913 times
Reputation: 6860
When was the house built?
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Old 08-06-2009, 12:12 PM
 
136 posts, read 522,580 times
Reputation: 62
Thanks for your responses. The house was built in 1923 so it doesn't meet the new guidelines to not have to be repainted.

It is just a little daunting to get this far and then have so much that has to be repainted all at the last minute. We had to wait so long to get answers from the bank that we are now right at the deadline for this other program.

We are getting a quote today to have it repainted.
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Old 08-06-2009, 12:15 PM
 
Location: Salem, OR
13,753 posts, read 31,616,112 times
Reputation: 12124
Quote:
Originally Posted by arkcitynative View Post
Thanks for your responses. The house was built in 1923 so it doesn't meet the new guidelines to not have to be repainted.

It is just a little daunting to get this far and then have so much that has to be repainted all at the last minute. We had to wait so long to get answers from the bank that we are now right at the deadline for this other program.

We are getting a quote today to have it repainted.
Since it was built in 1923 hire out the painting. I have never seen a home of that era out here that did not have lead paint on the exterior of the home. Don't mess with the paint. They didn't have latex paint back then and using latex on top of oil based paint can cause it to peel badly because it can't adhere to the oil. Hire a professional who knows how to work with lead paint AND paint old houses.
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Old 08-06-2009, 12:23 PM
 
136 posts, read 522,580 times
Reputation: 62
Thanks, Silverfall.

Yes, we will have a professional to do it. Beyond the lead paint issue we couldn't ever do it ourselves in enough time anyway.

It is mostly brick so just trim that has to be painted, hopefully, it won't be a ton of $$.

The bank is replacing the front porch roof and the boiler. It is going to be down to the wire to get closed on time!! We just got the okay from the bank last Friday to pay for the repairs so we have to get everything done this week/weekend.
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Old 08-06-2009, 02:03 PM
 
Location: OK
2,717 posts, read 6,299,282 times
Reputation: 1844
Never mind ..... question was asked and answered..
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