Lead Paint In HUD House
I've been filtering my list of HUD homes that I'm interested in buying based on whether they have the lead paint addendum... Is this something I should really worry about? Are these properties really that hard and risky to resell?
Lead based paint is not that big of a deal. You pretty much do not let the children eat the trim and doors and you are OK. There are some special steps to prime the LBP areas and then cover with regular latex paint. You also want to get tenants and buyers to sign a letter that you gave them a copy of the LBP letter that states that the house may have had LBP at one time etc etc
Good LUCK and Thank You
Hope this helps some
Ted Jr.
Don't let the lead-based paint addendum scare you off. It isn't that big of deal. Just make sure you disclose it to any future buyers/tenants...
The worse that can happen is what happen to me. When selling a home that was built before 1978 the buyers were getting an FHA loan and their inspector noticed some cracking of the paint around the exterior windows so all we had to do was apply some latex paint over the cracked paint to make sure there wasn't any flaking.
Good luck,
Q
Government has an obligation to disclose the existence of the lead pain. So they do. However, most of the time you do want to repaint the house before you or your tenants move in so that will be take care of in the process. Don't let this stops you from buying the house! Good luck.
I think there is some confusion here.
There is a difference between a disclosure that says in effect: "This house was tested and it has been determined that it has lead based paint." - which by the way I have never seen.
and...
a disclosure which is simply the standard lead based paint discloure which just says the house might have lead based paint. Every house built before 1978 has this disclosure. It doesn't mean anything to you or your buyer other than the fact the house was built in a time period when a lot of house paints had lead content in them.
It is a Cover Your A$$ blanket disclosure that will not effect your resale in the least bit. You signed the disclosure when you buy it. Your buyer will sign the disclosure when he buys it, thereby rendering you harmless if something happens to his kids in regard to lead based paint.
That is what it is for. It is a disclosure. You don't know if the house has lead based paint or not, HUD doesn't, nobody does. The disclosure just says there is a possibility of it and I am letting you know now so you can't sue me later for not knowing the possibility existed.
You can't purchase a house built before 1978 without the disclosure.[ Edited by The-Rehabinator on Date 02/03/2004 ]
Every house I've bought from HUD has had that clause. Did it scare me NO. I still sell them. I usually fix them up before I sell them anyway.
Lori
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