We put a contract on a house, got the inspection or appraisal, found out we needed to do some touch up painting, so we did. we are now waiting for the survey, my question is, after putting in 2 1/2 days of painting this house, can they come back and say we cant have the house. We have our approval from the mortage company, and just waiting for the survey, is there a chance some one could change there mind, and we do this painting for nothing.
2007-10-07 15:33:10 · 4 answers · asked by Leeanne 4 in Business & Finance ➔ Renting & Real Estate
The house is part of an estate, and in order to get a FHA loan, the paint had to be touched up.
2007-10-07 15:42:39 · update #1
And we really want the house. so we did the painting so the loan would go through.
2007-10-07 15:44:06 · update #2
The appraiser said there could be no chipped or peeling paint. and told our realtor if would have to be fixed before closing, so we fixed it, instead of waiting for the seller to do it.
2007-10-07 16:50:25 · update #3
Your contract probably didn't stipulate that you would be reimbursed for work done on the house in the event that the sale was not completed due to a default by you. In fact, you might be charged for doing the work. It was a risk you took.
However, it sounds like you're all set to close on the house, so it shouldn't be a problem. If the seller changes their mind, there may be some penalties you can collect, but those would be stipulated in the contract.
Based on the additional information you provided, it sounds like the house didn't appraise high enough without the painting for the loan. In most cases, the buyer requests an adjustment to the sales price or an allowance from the seller, instead of doing the work prior to closing.
2007-10-07 15:47:47 · answer #1 · answered by therainbowseeker 4 · 0⤊ 1⤋
I am a mortgage banker very familiar with FHA financing. FHA has certain requirements that an appraiser has to notate on the appraisal before the loan can close. However, painting is not an FHA requirement. Painting is a cosmetic issue and this is not notated on a FHA appraisal. They look for things such as railing on steps and porches for safety , electrical outlets, remaining life of roof, etc. Who told you to paint?? Also did you request a survey? There is a waiver of survey form you could have signed. I would not recommend a buyer perform any improvements to a home until they legally own it. Normally, if there are FHA issues that come back on the appraisal it is the seller's duty to get these items fixed. Now, a home inspection and an appraisal are 2 very different things. FHA does not require a home inspection but they do recommend that a home buyer get one to see if there are any defects. An appraisal generally gets the value for the property you are buying but an FHA appraisal is more detailed. An FHA appraiser has to get an additional license to be able to perform these. They do look for safety issues and can recommend for licensed roofers or engineers come out to evaluate concerns. However, no loan program requires cosmetic issues to be fixed. So, I am curious as to who told you that you needed to do this.
2007-10-07 23:41:49 · answer #2 · answered by yourmtgbanker 5 · 0⤊ 0⤋
Rule of thumb, never touch up someone else's property unless they're a friend or relative or unless they're paying livable wages.
You guys did the seller a major favor.
Hopefully, not in vain, here's hoping you get the house.
2007-10-07 22:40:43 · answer #3 · answered by TygerLily 4 · 1⤊ 0⤋
Why would you paint the house? Shouldn't the owners of the house do that?
2007-10-07 22:37:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋