Missoula housing has always had its quirks, usually related to lack of industry & out of state buyers.
Here is a recent article by Don Fisher that discusses this issue & offers a survey sponsored by a partnership between the Missoula Organization of REALTORS, the City of Missoula, Missoula County, the Missoula Economic Partnership, the Missoula Building Industry Association, and the Missoula Area Chamber of Commerce & business sponsors.
The Missoula Organization of Realtors, in conjunction with the City of Missoula and other local partners, are giving residents the opportunity to give feedback on a increasingly difficult, and expensive, housing market for buyers. As the median home price in Missoula continues to grow, officials are turning to the public in a search for answers.
The Missoula Organization of Realtors says the main problem is that Missoula’s cost of housing has far outpaced incomes in recent years. In 2016, the median sales price of a home reached a record high of $255,000. But that continues to rise, with today's price close to $270,000.
In response, local organizations launched the "Making Missoula Home: A Path to Attainable Housing" initiative. Part of that is this new survey, asking residents to give them an idea of what they're looking for.... Read Full Article Here
Egress: Basements and every sleeping room should have at least one operable emergency escape and rescue opening that opens directly onto a public street, public alley, yard or court. This standard is required because many deaths and injuries happen when occupants are asleep at the time of a house fire and the normal means of escape (through doors) are typically blocked.
The sill height of the emergency escape and rescue opening should not be more than 44 inches above the floor. If the window has a sill height below ground level, a window well should be provided. The window well should have a horizontal area of at least 9 square feet, with a minimum horizontal projection and width of 36 inches (with the exception of a ladder encroachment into the required dimension.
Many city regulations require egress windows be installed in older homes before they may be used as rental units, check with your local offices.
The sill height of the emergency escape and rescue opening should not be more than 44 inches above the floor. If the window has a sill height below ground level, a window well should be provided. The window well should have a horizontal area of at least 9 square feet, with a minimum horizontal projection and width of 36 inches (with the exception of a ladder encroachment into the required dimension). If an emergency escape window is located under a porch or deck, the porch or deck should allow the window to be fully opened and the escape path should be at least 3 feet high.
You can’t be prepared to act in an emergency if you don’t have a plan and everybody knows what that plan is. Panic and fear can spread as quickly as a fire, so map out an escape route and a meeting place outdoors, and involve even the youngest family members so that everyone can work as a unit to make a safe escape.
Tom Horn is an experienced appraiser & a wealth of information on real estate.
In the article below he goes into detail about the Difference Between an FHA Appraisal & A Home Inspection. (Thanks Tom for sharing so freely, we really like all the great info.)
By Tom Horn (re-published by permission)
FHA appraisal is not a home inspection
I received an interesting question from a reader recently that I thought I would share with you today. This particular situation involved an FHA appraisal and the condition of the property. The buyer did not want to spend money on a home inspection and wanted to know if the appraisal would include the same information. The short answer is that an FHA appraisal is not a home inspection, but today I will attempt to explain in more detail how this all works. If you have further questions feel free to leave a comment below.
Don’t confuse the appraisal with the home inspection The down and dirty difference between an appraisal and a home inspection are that the appraisal is mainly concerned with the value of the home and the home inspection is concerned with the condition of the home. While an FHA appraisal does include some information about the condition of the mechanical and structural systems of the house it is generally not considered as comprehensive as the home inspection because it is limited to what is readily observable.
The policy of FHA/HUD is to encourage buyers to obtain a home inspection because it is much more thorough than an appraisal. Because the appraisal is more concerned with the value of the property it may not detect all of the problems a property may have.
The appraisal is not meant to detect all of the problems that a home may have. It is not a guarantee that a property is free from defects. The appraisal report is meant for the lender and not buyer or borrower.
The FHA/HUD handbook that the appraiser uses outlines the appraiser’s role as the following:
“One who observes, analyzes, and reports the physical and economic characteristics of a property and provides an opinion of value to FHA. An Appraiser’s observation is limited to readily observable conditions and is not as comprehensive an inspection as one performed by a licensed home inspector.”
The main purpose of the FHA appraisal is to determine the fair market value of the house and to make sure that it meets HUD’s Minimum Property Requirement’s (MPR’s). These MPR’s are mainly concerned with whether the property is safe, sound, and secure but they do not include many of the items that a home inspector would look for.
FHA/HUD recommends a home inspection An appraisal was never meant to give a comprehensive and detailed analysis of all of the systems of the house. Because of this HUD/FHA provides information to educate the buyer/borrower about the differences between the two. The “For Your Protection, Get A Home Inspection” is provided to home buyers by lenders during the initial stages of getting a loan.
During the appraisal observation, there are items that the appraiser can and will comment on based on what they are and what level of expertise is needed to determine the necessary course of action. Conditions that require an inspection by a qualified professional include the following:
Do you have any additional questions about FHA appraisals and home inspections? Ask Tom Horn go here : http://birminghamappraisalblog.com/contact-tom-horn/
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