Home Buying in 60630>Question Details

PJU, Home Buyer in Chicago, IL

We are in the process of purchasing a foreclosure, after having the appraisal we were told there is peeling exterior paint on the windows,

Asked by PJU, Chicago, IL Thu Apr 11, 2013

The contractor was out and painted over it. He said he couldn't scrape it all as the wood had indentations in it. He's suggesting capping all the windows, will this meet the FHA requirements?

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Answers

13
Yes it should - they will just want to see that there is no peeling or chipped paint
Sam Sharp
Senior VP of Mortgage Lending
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1 vote Thank Flag Link Thu Apr 11, 2013
My experience is that as long as the paint is not peeling you should be fine. If by indentations in it, your contractor means the old layers of paint that have been left from before, then that should not be an issue for financing. It might not look best visibly and you might consider capping it for visual appeal, but I wouldn't pay for that until it is closed and your house. I have heard of clients paying for work to get done to meet lender requirements, just to have the bank decide to back out of a deal after the work was done but before the home closed. Hope that helps, good luck on your purchase :)

Paul Cionczyk| Coldwell Banker Residential Brokerage |Broker
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Web Reference: http://www.paulcionczyk.com
0 votes Thank Flag Link Fri Apr 12, 2013
Dear Buyer,

Sam Sharp is a trusted lender. You should be good to go.
0 votes Thank Flag Link Fri Apr 12, 2013
Best to ask you lender he is the one you are dealing with
0 votes Thank Flag Link Fri Apr 12, 2013
Peeling paint wont pass FHA approval. You will have to either have the bank cover it or yourself.
0 votes Thank Flag Link Thu Apr 11, 2013
Another option is talk to the appraiser and find out exactly what she/he is looking for. They tend to be helpful if you are nice.

Also, peeling paint is a concern due to possible lead content. If no lead, no problem. How about getting a lead kit from a home improvement store and doing a quick test yourself?
If it's negative, then you could have the seller test the windows for lead paint and be done with it.
0 votes Thank Flag Link Thu Apr 11, 2013
Only the inspector can really answer this, it is their call on the satisfactory nature of the work.
Usually, no peeling, no chipping, you are good.
0 votes Thank Flag Link Thu Apr 11, 2013
Typically you would have the contractor lay on a couple of coats. This should be sufficient and cause no more delay. If the contractor did a crummy job and failed to clean up all the chipping paint along with the garbage then you will have to do it again.
0 votes Thank Flag Link Thu Apr 11, 2013
Talk to your lender and as long as there is no peeling, you should be OK.
0 votes Thank Flag Link Thu Apr 11, 2013
Hi there! Did you hire the contractor?
0 votes Thank Flag Link Thu Apr 11, 2013
No, the seller did.
Flag Thu Apr 11, 2013
Usually as long as the paint is not flaking or peeling, it won't be an issue. If the new coat of paint has sufficiently covered over the old chipping paint, it should be fine to pass the inspection. The FHA appraiser will be out again to inspect that the work has been done. Capping is probably a long term solution if you don't plan to replace the windows. I don't think it's necessary to pass the reinspection.
0 votes Thank Flag Link Thu Apr 11, 2013
It seems strange that there should such a problem with the windows. Perhaps you should talk to the appraiser and find out exactly what she/he is looking for. They tend to be helpful if you are nice.
Flag Thu Apr 11, 2013
The appraiser came out 2 more times and it FAILED because there is peeling paint UNDER the new coat of paint. That is why the contractor suggested capping the windows. He said that is the only way to take care of the problem.
Flag Thu Apr 11, 2013
PJU,

Talk to your lender and the appraiser. You really shouldn't be putting money and work into a home that isn't yours. If this deal goes south...

Best regards,

Ivan Sagel
@properties
312.515.7823
Ivan@atproperties.com
http://www.atproperties.com/agents/IvanSagel

I always appreciate your referrals…
0 votes Thank Flag Link Thu Apr 11, 2013
You need to ask your lender!!!!! Who is paying for all of this? I hope not you because the deal may not work out and you would be out the money.
0 votes Thank Flag Link Thu Apr 11, 2013
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