The dreaded paint chip! Are you kidding me???
I have run across this new obscure FHA requirement twice in the last month here in Livermore while representing buyers.
The Federal Housing Administration, better known as FHA, has asked it's appraisers to crack-down on older homes that have any amount of paint chips on them. Any home being purchased using government financing has to be free of any chipping paint. What?! If old, chipped paint is found to exist, you cannot purchase the home until these areas are sanded, primed and painted. The worst part of it all is that they don't tell what areas of the home are the cause for concern. You are left guessing what areas need fixing and hope that when they come back to check that you have covered all the areas that they flagged. This is government intervention at its finest. To top it off, the government appointed appraiser gets to charge you another $150 to come back and check to make sure the dreaded chips are gone. BEWARE OF THE PAINT CHIPS!
In this ever-changing world of Livermore real estate, I stay on top of these things so you can breathe easy. Contact me to start your Livermore area home search today. Paint chip or no paint chip!
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