Recently we attended a seminar which updated minimum property standards for FHA financing. If you are considering buying or selling a home using a FHA loan, you might want to be aware of things that a FHA appraiser might look for.
When Sellers are preparing to list their homes, what updates to the homes will get the biggest return? In addition, which projects or improvements should, typically, be avoided?
We just ran across a situation in one of our listings where the basement ceiling height did not meet the required ceiling height for “livable space”, per Missoula code. This is by no means an isolated incident, as many older homes do not have a height of 7’ in the basement areas.
This year has definitely been the one in which I have been asked this question the most. With the first-time homebuyer tax credit, low interest rates, leveled (or possibly decreased) listing prices and a large inventory, it can certainly feel like the “perfect storm”, in a sense.