Foreclosure in 67401>Question Details

Mscriven246, Home Buyer in 67401

Buying a foreclosure hud property with lead based paint

Asked by Mscriven246, 67401 Thu Feb 16, 2012

I'm trying to buy a house that is a HUD foreclosure, the Lead based paint report came back and says I have to have it fixed, they will only cover 4000 and the estimate is for 16000, this is obviously a bit much, I heard you don't have to fix it unless you have small children, is that true, its just going to be me living here

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Tim Moore’s answer
Who said you have to fix it? There has been no lead base paint made since 1978 and most old lead base paint has been painted over a dozen times in some cases, but surely at least a couple times sealing it up pretty well. The old problem was kids would eat the flaking paint chips (why I have no earthly idea but that was the claim back then) and since 1978 it has to be disclosed that it is "possible" that there might be lead paint somewhere. Unless you and your spouse like to gnaw on paint chips it is a moot point and I often wonder why we still even bother with it. I sell many homes from Fannie, Freddie, HUD and I have NEVER EVER been told to remove it. The form gives you the right to wave any actions, the form just discloses the fact that it "could" be there. I would not worry about it at all.
0 votes Thank Flag Link Thu Feb 16, 2012
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