Margaret Treat
Sophomore Member
- Joined
- Jan 25, 2007
- Professional Status
- Certified Residential Appraiser
- State
- Oregon
Hello All,
This is my first reverse mortgage. I have scanned past FHA/reverse mortgage threads but still have a few questions. I would appreciate any assistance.
I have already inspected the home. It is owned by an elderly female, has experienced deferred maintenance and is filled with possessions and animals.
There will definitely need to be repairs but this is there is one in particular I am most concerned about. There was an addition to the dwelling 10 years ago; not permitted, no real foundation. There is a wood trim and then what looks like 2 x 4's and floor board over the top and carpet on top of that. It is almost an enclosed breezeway; it has a flat roof and sits against the home. There is no permanent heat source.
I know it is full of land mines; the wood/earth, the lack of foundation, the hear, the flat roof. My concern is the homeowner and fixing these. I know she does not have the money to fix these on her own. I know she could potentially pay to fix other less significant items but this would be beyond her means. Most market shoppers would destroy this addition and the cost involved would be for disposal.
When I originally went to the home I didn't know it was an FHA report. I know I need to go back for a complete FHA inspection.
I am just not sure how this report should proceed. Since I know there will be extensive repairs, that she cannot afford up front, should I talk to the loan officer and make him aware? Is there some way the money can be included in the loan to pay for these up front and it would be reasonable to expect the repairs to occur? If I just write an appraisal with thousands of dollars in necessary repairs I know she could not make that happen.
The only FHA with required repairs I have done was a sale and we had to reinspect and sign them off prior to closing. I don't want to incur any more expense for this lady if it will not work out. Thanks for any advice.
This is my first reverse mortgage. I have scanned past FHA/reverse mortgage threads but still have a few questions. I would appreciate any assistance.
I have already inspected the home. It is owned by an elderly female, has experienced deferred maintenance and is filled with possessions and animals.
There will definitely need to be repairs but this is there is one in particular I am most concerned about. There was an addition to the dwelling 10 years ago; not permitted, no real foundation. There is a wood trim and then what looks like 2 x 4's and floor board over the top and carpet on top of that. It is almost an enclosed breezeway; it has a flat roof and sits against the home. There is no permanent heat source.
I know it is full of land mines; the wood/earth, the lack of foundation, the hear, the flat roof. My concern is the homeowner and fixing these. I know she does not have the money to fix these on her own. I know she could potentially pay to fix other less significant items but this would be beyond her means. Most market shoppers would destroy this addition and the cost involved would be for disposal.
When I originally went to the home I didn't know it was an FHA report. I know I need to go back for a complete FHA inspection.
I am just not sure how this report should proceed. Since I know there will be extensive repairs, that she cannot afford up front, should I talk to the loan officer and make him aware? Is there some way the money can be included in the loan to pay for these up front and it would be reasonable to expect the repairs to occur? If I just write an appraisal with thousands of dollars in necessary repairs I know she could not make that happen.
The only FHA with required repairs I have done was a sale and we had to reinspect and sign them off prior to closing. I don't want to incur any more expense for this lady if it will not work out. Thanks for any advice.
I apologize for not stating that and I am on the FHA approved list and I have done FHA inspections with a mentor. This is my first for a reverse mortgage and this will require more repair than any I have done in the past. I cannot change the status from trainee on my own. I will e-mail and ask that it be changed. 
