Table of NOV Conditions & Requirements (continued)

NOV Item

Instructions for Preparing the NOV

Repairs

Check the appropriate items and list the repairs recommended by the appraiser which are necessary to make the property meet VA Minimum Property Requirements (MPRs).

Lead-Paint Conditions

Since properties built prior to 1978 may contain lead-based paint, the correction of any defective paint condition on such properties must be made according to the requirements in Section 12.03 and inspected only by VA fee personnel or VA staff.

Notes:

·   A notice of value should not be issued for a property in a badly deteriorated condition unless there is a reasonable likelihood that it can be repaired to meet VA MPRs prior to loan closing.

·   A certification regarding the condition or adequacy of the roof, electrical/plumbing/heating systems, etc., should not be required unless there is an indication of a problem.

·   Lenders and fee appraisers should use their own letterhead when certifying that required repairs have been satisfactorily completed.  Generally, fee inspectors will not inspect repairs to existing properties, unless the loan involves alterations or improvements for which construction exhibits are required.

Lender and purchaser disagreements with fee appraiser repair recommendations will be resolved by either:

·   SAR contact with the fee appraiser (if the repair recommendations do not appear necessary per Section 11.09, for the property to meet MPRs). SAR must then provide in writing any changes made by the appraiser, or

·   VA contact with SAR or fee appraiser (if initial lender/appraiser contact does not resolve the issue), or

·   SAR and purchaser request VA to waive the repair item(s) in question, if necessary and appropriate per Section 12.01 under “Exemptions”.