When an appraiser goes through a home doing a conventional loan appraisal, he is primarily concerned with value. Any obvious problems, of course, will be flagged and need to be repaired as a loan condition. FHA/VA appraisals are a little different. They are more thorough and detailed in their inspection. It’s not unusual for the appraiser to poke around in the attic, climb down in the crawl space, and check windows for cracks or failed seals. And a roof must have least three years of life left or it must be replaced. Appraisers not only look at value but also want to make sure the buyer won’t have to make any repairs for at least a year. Still, FHA/VA appraisals are not professional house inspections, nor are the appraisers trained to be inspectors. If you’ve made an offer on a home and the appraisal comes back with a list of repairs, the seller doesn’t have any alternative other than to do the repairs if the sale is to move forward. Sometimes, if there are extenuating circumstances like bad weather, a lender may allow money to be put in escrow for a short time so that the loan can close. But the old days of buying a home ‘‘as-is’’ are no longer an option when a lender and appraisal are involved.
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