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Fannie 3 Season Home
- Thread starter AnonApprsr
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AnonApprsr
Elite Member
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- Jan 21, 2008
- Professional Status
- Certified Residential Appraiser
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- Massachusetts
That's what it seems like my client thinks. I finally got a response to my question of guidelines:
"I have looked through All Regs, but cannot seem to find anything that relates to this type of property. I am not sure where else we can look."
She CCd this to me, and after that statement asks whoever she sent it to (underwriting) for others to look for regs.
So we'll see, but I'm going to type it on Monday or Tuesday.
"I have looked through All Regs, but cannot seem to find anything that relates to this type of property. I am not sure where else we can look."
She CCd this to me, and after that statement asks whoever she sent it to (underwriting) for others to look for regs.
So we'll see, but I'm going to type it on Monday or Tuesday.
JSmith43
Elite Member
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- May 5, 2003
- Professional Status
- Certified General Appraiser
- State
- California
They are apparently, working without a net. Normal Fannie requirement is that they will not loan money on properties that are not suitable for year-round occupancy.
They only mention that in the guidelines for second homes. I think that it is self-evident that they will not buy loans on homes intended to be occupied as a primary residence that are not suitable for occupancy, but only some of the year
AnonApprsr
Elite Member
- Joined
- Jan 21, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
Without a net? Explain. I assume this a second home, as I met the Borrower/Buyer at the property. She acted like it's a summer home, a vacation home. But she also mentioned "Gee, all the houses around here that are 'year round' probably only have a space heater like this.
I would even say it's central heat (it's acceptable in many areas here to have free standing FHA/Gas units) if only the property even appears properly insulated. It's a fuzzy line though. I bet the fireplace and the oven/FHA unit could prevent you from dying of hypothermia in winter time. Probably...
Picture attached of "Free Standing FHA Heating Unit via Propane."
And some other pictures for fun:
(Continued in the next post, STAY TUNED FOR THE EXCITING CONCLUSION OF...... APPRAISER CHRONICLES - THE HOUSE OF THE LOST SEASON!!
I would even say it's central heat (it's acceptable in many areas here to have free standing FHA/Gas units) if only the property even appears properly insulated. It's a fuzzy line though. I bet the fireplace and the oven/FHA unit could prevent you from dying of hypothermia in winter time. Probably...
Picture attached of "Free Standing FHA Heating Unit via Propane."
And some other pictures for fun:
(Continued in the next post, STAY TUNED FOR THE EXCITING CONCLUSION OF...... APPRAISER CHRONICLES - THE HOUSE OF THE LOST SEASON!!
AnonApprsr
Elite Member
- Joined
- Jan 21, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
So, I'm just going to do the appraisal. I have alerted the client to the situation, and have a copy of said correspondence. I will try to find at least two 3 Season style cottages, and one converted cottage with adjustment which I feel, from limited research is about 10,000. Which seems a bit high as a cheapo electric baseboard system, and 300 bucks of insulation for the floor, is less than 10,000. But cost isn't market.
JSmith43
Elite Member
- Joined
- May 5, 2003
- Professional Status
- Certified General Appraiser
- State
- California
I have not seen an oven before that was designed for part time heat.
Didn't MA have a way below zero cold snap this last winter? What about the pipes freezing?
Without a net implies they may be taking risks without a back-up plan (kind of like a tight rope walker without a net below).
You tried to save them with your better than average knowledge of Fannie/Freddie rules. My best guess from afar is that someone doesn't know any better or that someone may alter your report, toss your photo exhibits, etc. There may be other explanations, but I can't think of one.
Sometimes it is really tough to figure out if you are working with crooks until you are in fairly deep in the process. You really don't know their true motives yet so please don't let any of my theories prompt you to defame anyone in the process. It could be anomalous multiple brain farts for all we really know:icon_mrgreen:
Didn't MA have a way below zero cold snap this last winter? What about the pipes freezing?
Without a net implies they may be taking risks without a back-up plan (kind of like a tight rope walker without a net below).
You tried to save them with your better than average knowledge of Fannie/Freddie rules. My best guess from afar is that someone doesn't know any better or that someone may alter your report, toss your photo exhibits, etc. There may be other explanations, but I can't think of one.
Sometimes it is really tough to figure out if you are working with crooks until you are in fairly deep in the process. You really don't know their true motives yet so please don't let any of my theories prompt you to defame anyone in the process. It could be anomalous multiple brain farts for all we really know:icon_mrgreen:
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