If my home needs some basic repairs, how will it affect my fair market value appraisal?

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If my home needs some basic repairs, how will it affect my fair market value appraisal?


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Answer to your question depends on the repairs and the type of loan you are obtaining. In general, appraisals are done on an “as is” basis, meaning the condition of the home affects the appraised value. If you’re getting an FHA or VA mortgage, items such as peeling paint and interior cosmetics can be a larger issue than with conventional loans. Structural or non-cosmetic defects may/will be an issue with all loans. Anything cited by the appraiser as a major defect will usually have to be fixed prior to closing. Hope this helps!

Answered almost 2 years ago
Ted Rood
1185 6

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Answer to your question depends on the repairs and the type of loan you are obtaining. In general, appraisals are done on an “as is” basis, meaning the condition of the home affects the appraised value. If you’re getting an FHA or VA mortgage, items such as peeling paint and interior cosmetics can be a larger issue than with conventional loans. Structural or non-cosmetic defects may/will be an issue with all loans. Anything cited by the appraiser as a major defect will usually have to be fixed prior to closing. Hope this helps!

Answered almost 2 years ago
Ted Rood
1185 6

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