Rehabber · Seattle, WA · Member since 2012 · 15 posts · 1 vote
Has anyone else noticed a dramatic increase in their scope of work and powers? I am having to bend over backwards to finish their "punch list" of issues on my property before we can close....this is after I have already jumped through the inspectors list from the buyer.
I am having to install handrails, carbon monoxide detectors, repair minor foundation cracks, and more.
Real Estate Agent · Henderson, NV · Member since 2011 · 1k+ posts · 550 votes
13y
FHA has minimum property standards that must be met before the loan can be done. They charge the appraiser with the task of checking to make sure the property meets these standards during the appraisal inspection. If the property doesn't meet the standards, the appraisal is completed subject-to the property meeting those requirements. Once the repairs have been completed, the appraiser goes back out to the house to verify. This has been the case for several years in all states. That said, part of the requirements is that the property must meet local/state building codes. I've been seeing clauses on appraisal orders referencing carbon monoxide detector requirements for properties located in California. Also, lenders can add more stringent requirements (overlays) on top of the FHA minimum standards.
Fannie Mae and Freddie Mac also have requirements, but these tend to be less stringent than FHA.
Real Estate Investor · the villages, FL · Member since 2008 · 5k+ posts · 3k+ votes
13y
Here is an easy solution-SELL FOR CASH!!!! I've been lucky that my new const has been to cash buyers. I'm setting the new values with these comps and neighbors love me. I know many areas aren't heavy in cash buyers, but my choice was to deal in areas that are. So TX to investors on inexpensive rentals I build and So Ut to retired or 2nd home buyers. I have zero complaints about appraisers. Rich
Richmond, VA · Member since 2013 · 3 posts · 0 votes
13y
Although the requirements have changed for loans, IMO, real estate professionals are more respected. Folks are glad to pay $ for consulting (on an hourly basis) than ever before. Makes a real estate career (regardless of choice) a worth while profession. The "Good Old Days" are here again. Slammed with work. I'll be back soon.