May 21, 2015
A reader asks, “We built a new home and within a few months started noticing moisture spots on our basement floor. After no action from the builder for 8 months, we have had to hire an attorney to make them start fixing it. It has been recommended that an interior peripheral drain (or a waterproofing system) be put in.”
“The builder defect is our exterior drain was put in incorrectly so drainage water from rain and snow melt is ending up under our slab. I am very concerned about how this will effect resale someday. Have you seen an appraisal adjustment made on a home having this sort of system in place?”
The problem with appraisal-related questions like this one is that conditions vary from market to market. What may be unusual or uncommon in one area might be quite common in another. Since FHA appraisals include using “comparables” or similar homes with similar features to help determine fair market value, it’s possible that a special feature in a home might be found in many houses in the market in some cases.
Could a housing market known for lots of rain and snow be full of homes with the type of waterproofing system mentioned in the reader question? If so, that may affect how the appraiser does his or her job. What might be a “special” feature in one housing market might be a more standard one elsewhere.
In terms of whether a home “passes” the appraisal process or not with such features in places, as long as state/local building code is satisfied, the mere presence of the waterproofing system seems unlikely to be a serious issue. If the home is protected against excessive moisture and meets code, that is likely to be the determining factor.
Do you have questions about FHA home loans? Ask us in our comments section. All questions and comments are reviewed before they are posted to the site.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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