flooring
276) Unfinished Areas
03/20/08
Dear Henry ~ Thank
you for all of your assistance over the years. I now
have a question of my own.
It is widely accepted (at least among my peers) that a plywood floor IS NOT a finished floor. However, I have not been able to uncover any guidelines or requirements anywhere indicating that a floor MUST have a finished flooring covering on it. If there is, could you tell me where to find it?
For example: homeowner removes vinyl flooring from the kitchen with the intention of replacing it. Plywood is now the flooring and has been for over 1 year. Due to personal or financial reasons, the flooring was not replaced. Now the homeowner is refinancing. The appraiser, conducting the inspection, sees no vinyl flooring in the kitchen, but the unfinished plywood floor does not pose any safety issues. Does the appraiser HAVE to call for 'replacement of finished floor covering' in the kitchen? Is it acceptable just to mention that the flooring is plywood, and while not a finished floor covering, was felt to be acceptable and posed no safety issue? Would it be any different for FHA? Thanks again for everything you do.
Name Withheld by Request
Dear Friend,
I don't know the current FHA requirements. You have to check the current version of their Handbook 4150.2 for any specific mention of floor coverings. Otherwise you must report what you see. You might consider making an adjustment for the unfinished floor if the comparable sales have finished floors. Remember that this is not simply the "cost to cure" -- it must include an "inconvenience factor" since the reaction of the market to this condition is what you must try to report.
H2
It is widely accepted (at least among my peers) that a plywood floor IS NOT a finished floor. However, I have not been able to uncover any guidelines or requirements anywhere indicating that a floor MUST have a finished flooring covering on it. If there is, could you tell me where to find it?
For example: homeowner removes vinyl flooring from the kitchen with the intention of replacing it. Plywood is now the flooring and has been for over 1 year. Due to personal or financial reasons, the flooring was not replaced. Now the homeowner is refinancing. The appraiser, conducting the inspection, sees no vinyl flooring in the kitchen, but the unfinished plywood floor does not pose any safety issues. Does the appraiser HAVE to call for 'replacement of finished floor covering' in the kitchen? Is it acceptable just to mention that the flooring is plywood, and while not a finished floor covering, was felt to be acceptable and posed no safety issue? Would it be any different for FHA? Thanks again for everything you do.
Name Withheld by Request
Dear Friend,
I don't know the current FHA requirements. You have to check the current version of their Handbook 4150.2 for any specific mention of floor coverings. Otherwise you must report what you see. You might consider making an adjustment for the unfinished floor if the comparable sales have finished floors. Remember that this is not simply the "cost to cure" -- it must include an "inconvenience factor" since the reaction of the market to this condition is what you must try to report.
H2