FNMA Roof Requirements

[Pam Wyant]

This is not FHA.

Oopsie, misread that then. I'd say you are safe in just recommending the inspection, especially since your buyer knows it needs replaced, along with all the other work. We get some gems, don't we?

 

[Howard Klahr]

There are a couple of questions to be addressed here. First, if the roof was replaced would that impact your condition rating and therefore possibly a different value conclusion? Since the buyer claims that they will be replacing the roof, how has that impacted the contract price for the purchase?

If there would be a different value conclusion with the roof "as is" as opposed to "as replaced", you have a bit of a conundrum. If the contract price reflects the current condition you could appraise the property "as is" and subject to inspection. In the event the roof fails inspection and replacement is required, then you are not the one responsible for making the determination of the adequacy of the roof condition.

If you appraise the property subject to replacing the roof, the potential value differential may help the buyer obtain proceeds, even if thru a repair escrow, to replace the roof. In light of the potential for different deal structures related to the loan, I would discuss this with your client before moving forward with a particular approach.

 

[RSW]

I would make it subject to an inspection and let a roof expert make that call. Let the underwriter deal with it. Now, you need to decide if it effects the market value in its "AS IS" condition if the roofer says it is ok.

 

[TRESinc]

In light of the potential for different deal structures related to the loan, I would discuss this with your client before moving forward with a particular approach.

that's how i would handle it. it's their money being lent and i am no roofing expert.

 

[Peter LeQuire]

Camera zoom

I need to get a new camera - mine just clicks and wheezes.

 

[Peter LeQuire]

Could go either way, as is with recommend inspection or subject to. I might be inclined to recommend inspection but that is imo only.

Would a repair constitute tacking down the curling shingles vs replacing them?

Replacing them, or picking up a couple of used FEMA tarps.

 

[residentialguy]

I'm going to stay with subject to inspection. I'm sure they'll get a yes man, but that's on him, not me. He's the roof inspector, I'm just a lowly appraiser that inspects for value purposes.

 

[Dan Umstead]

How did you get up to roof to see the shingles and take photo?

ResiGuy has the ability to "rise" above and see the defects. I once saw her fly off the ground and shoot a picture. She is a magician.

 

[444nutman]

I'm going to stay with subject to inspection. I'm sure they'll get a yes man, but that's on him, not me. He's the roof inspector, I'm just a lowly appraiser that inspects for value purposes.

That is what I would have done.

 

[Tim The Enchanter]

That is what I would have done.

Me too. It doesn't look that bad, just a lot of curled shingle corners.
Disclose with a nice picture like that, recommend inspection by pro, move on.
Let the roofer opine if it's good to stay, or likely to end up in Kansas next time the wind blows hard.