• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Fannie's Handrails

Status
Not open for further replies.

Overimprovement

Senior Member
Joined
May 31, 2017
Professional Status
Certified Residential Appraiser
State
Kentucky
Having read Fannie's selling guide, it states: "The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised subject to completion of the specific repairs or alterations."

My question is this--IS there any definitive list of WHAT issues would fit into this category, specifically handrails on interior steps? Otherwise, who decides what is a safety issue? Sad that a purchase might get delayed 3 weeks or more because of a missing $50 handrail...

I know FHA has this requirement, but does Fannie, and if so, can anyone provide 'proof' for lack of a better word?

Thanks!
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"who decides what is a safety issue"

Physical Deficiencies That Affect Safety, Soundness, or Structural Integrity of the Subject Property
The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised subject to completion of the specific repairs or alterations. In these instances, the property condition and quality ratings must reflect the condition and quality of the property based on the hypothetical condition that the repairs or alterations have been completed.

If the appraiser is not qualified to evaluate the alterations or repairs needed, the appraisal must identify and describe the deficiencies and the property must be appraised subject to a satisfactory inspection by a qualified professional. The appraisal may have to be revised based upon the results of the inspection. If so, the report must indicate the impact, if any, on the final opinion of value. The lender must review the revised appraisal report to confirm that no physical deficiencies or conditions that would affect the safety, soundness, or structural integrity of the property are indicated. A certification of completion is required to confirm the necessary alterations or repairs have been completed prior to delivery of the loan.
https://www.fanniemae.com/content/guide/selling/b4/1.3/06.html
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
My question is this--IS there any definitive list of WHAT issues would fit into this category,

Never mind your specifics, I think the answer is no. The list would be very very way too long, and never complete.
But if there is a C of O from the relevant authority, it sounds like CYA to me.
 

Overimprovement

Senior Member
Joined
May 31, 2017
Professional Status
Certified Residential Appraiser
State
Kentucky
OK, so apparently, as I thought, Fannie is overly vague on this issue. So lets take another angle. So it appears Fannie does NOT mandate the calling out of a lack of interior handrails, and instead leaves it up to the appraiser to decide if a safety issue exists. This being the case, are we empowered to tell an underwriter to 'stick it' if they demand a report be made 'subject to repair' for a lack of handrails? Even if the appraiser decides (using whatever motivation or criteria they wish) that there is NO safety issue present?

Seems like they are acting like the appraiser at that point doesn't it? Or am I missing something?
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Having read Fannie's selling guide, it states: "The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised subject to completion of the specific repairs or alterations."

My question is this--IS there any definitive list of WHAT issues would fit into this category, specifically handrails on interior steps? Otherwise, who decides what is a safety issue? Sad that a purchase might get delayed 3 weeks or more because of a missing $50 handrail...

I know FHA has this requirement, but does Fannie, and if so, can anyone provide 'proof' for lack of a better word?

Thanks!

$50 hand rail? You lost the argument from the get go with a lack of competency....
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
$50 hand rail? You lost the argument from the get go with a lack of competency....

Let me know how many contractors come to your home and install handrails for $50. I'm in podunk country and no one shows up for $50 labor unless you pay them in crack. Common dude, really $50? No wonder there is a question of legitimacy...
 

Overimprovement

Senior Member
Joined
May 31, 2017
Professional Status
Certified Residential Appraiser
State
Kentucky
Let me know how many contractors come to your home and install handrails for $50. I'm in podunk country and no one shows up for $50 labor unless you pay them in crack. Common dude, really $50? No wonder there is a question of legitimacy...
I wasn't aware most people couldn't install a simple handrail by themselves. I've done it multiple times, each time for less than $50 in parts, and each time in about 5-10 minutes, even ensuring it is on studs.

Please consider your facts before you go attacking someone's character. No need for this immaturity on a forum where people are seeking help.
 

Noreen

Senior Member
Joined
Feb 5, 2011
Professional Status
Certified Residential Appraiser
State
New Hampshire
OK, so apparently, as I thought, Fannie is overly vague on this issue. So lets take another angle. So it appears Fannie does NOT mandate the calling out of a lack of interior handrails, and instead leaves it up to the appraiser to decide if a safety issue exists. This being the case, are we empowered to tell an underwriter to 'stick it' if they demand a report be made 'subject to repair' for a lack of handrails? Even if the appraiser decides (using whatever motivation or criteria they wish) that there is NO safety issue present?

Seems like they are acting like the appraiser at that point doesn't it? Or am I missing something?

I know in MA & NH any landing/stairway over 28" (one of these states is 30") must have a handrail, your local building department can answer your question. Many requirements are "bigger" than us.
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
wasn't aware most people couldn't install a simple handrail by themselves. I've done it multiple times, each time for less than $50 in parts, and each time in about 5-10 minutes, even ensuring it is on studs.

Lots of people don't know which end of a screwdriver to grab. Install a what now? :leeann2:
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks