Thread: need help with appraisal requirements for conventional loan

I am a confused first-time-home buyer who rushed into contract (to meet the tax credit deadline) with a foreclosed home owned by an out-of-state bank.

In order to be approved for the conventional loan, the house MUST pass an appraisal. I was told by my lender, "The house must be move-in ready (ex: water stains, roof damage)." I have to pay for the repairs of a house a may not get in the end!

I need to know what is needed to pass an appraisal.

I have listed the repairs I see needed. (These are things I know are wrong w/ the house – no appraisal has been done yet!) Please let me know which ones need to be done in order to pass an appraisal.

1.Two missing roof shingles
2. 2-3 water stained tiles
3. Small hole in masonite (siding) causing leak n garage
4. Small roof area (flat-top) needs new roofing
5. Pilot light line leaks (broken) (gas stove
6. Kitchen door casing rotten in one area
7. Leaking/busted pipes (3 – under bathroom sink, garage, ice maker) (all easily fixable)
8. Basement – dirt has washed in behind the dry-wall of a small area (busted through)
9. Basement – missing tiles (thinking of coving with plastic b/c it’s an insulation issue)
10. Basement – mold on sheetrock walls (some idiot put sheet rock in a damp basement attempting to make a cheaply done hang-out room)
11. Door that leads to basement from kitchen is not solid (decorative metal design) – problem: moldy basement is not closed off from the main house.
12. chipped paint on a small amount of the exposed exterior eaves

(just number 1-11 and inform me if you think it is needed for the appraisal or not)


Also, any ADVICE?????


THANKS SO VERY MUCH!!!! I love this house... I want it soooooo badly!