Tuesday, July 27, 2010

Got Lead Based Paint?

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We stumbled across this beauty the other day – it’s a bank-owned REO listing, built in the early 1970s, and it doesn’t look like the prior owners had updated anything since the first few years they were there!


But here’s the catch:  most buyers (almost all buyers) in this price range are going to either pay cash (investors) or use an FHA mortgage (low income &/or first-time buyers).


This house is priced way too high to interest an investor, yet the peeling paint and other deferred maintenance items are going to stop any FHA loan from getting approved.


And so it sits there…


Your feels bad for the neighbors Realtor,


Chris Butterworth


Did You Know? Federal law regarding lead based paint has changed. As of April 2010, the laws about working on older homes that might have lead based paint have gotten much more restrictive. See this article for a rundown of the law changes and how it affects you.