What are Minimum Property Standards (MPS)?
By Mike Young, FHA 203k Consultant 916-758-1809
(203kOnLine.com, covering the USA)
What are Minimum Property Standards (MPS)? In a nut shell these are typically health and safety issues. These are considered minimum property standards for anyone living in a home in the USA. These can be simple things like broken windows, obvious trip hazards, holes in the floor, and more complex things like obvious dry rot, rodent damage, support posts that are failing, and foundation issues. If you can see dry rot then order a termite or "structural pest report" as the appraiser is obligated to call for one if they see it for a 203b or a 203k loan. The way around this if it is a 203k loan is to have the consultant call for those items to be corrected... this way the appraiser sees it fixed rather than damage. Why are they important to you as a Realtor? Simply because your appraiser...