Re: As an FHA appraiser… - Posted by JPiper
Posted by JPiper on March 01, 2001 at 09:42:48:
I basically agree with your post…except the part about “taking a chance”. I don’t think there’s any particular risk here. You can tear the roof off upfront, or you can wait until an appraiser has looked at the property. If he requires a roof certification, and a roofer won’t give it one, then you’re no worse off than had you replaced the roof upfront.
Frankly I think the consideration is whether the roof has a significant useful life ahead of it. “Three layers” in and of itself does not make it a bad roof. And if the roof is in good condition I don’t think you’ll have any trouble getting a roofer to certify it.
On the other hand, one valid consideration in my mind is whether a new roof adds value. I can think of some neighborhoods where it might. Some of the older neighborhoods that I have dealt in things like new roof, new plumbing, new electrical, and new HVAC set the house apart, add significant value. They also tend to be excellent marketing points versus other houses in the area.
Limiting the $$ value of repairs you agree to make is wise…BUT, the bottomline is that if you want to sell the house, and the roof doesn’t pass, you’re going to have to pay for it if you want to sell FHA…because the Buyer is not going to have any money to help with this. That’s why he’s going FHA to begin with.