mike32716
Member
- Joined
- Jan 23, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
These are (mostly) lender overlays. The requirement to check for smoke-CO detectors, water heater strapping, pool barriers, etc. all came out of some lawsuits filed long ago in some state(s) alleging that the lender failed in their responsibility to do something. The plaintiff was likely trying to avoid a foreclose action. Those suits probably only work in some specific states, but lenders make everyone do it for every state.
In Florida smoke detector requirements depend on the age or effective age (level 1 renovations) of the house. A whole patchwork of requirements. Water heater strapping is not required, but expansion valve diverter pipes are required (often missing on DYI installations). The biggest item that the lenders haven't figured out yet are the pool barrier requirements. Again, depends on the age of the pool, but it is actually a misdemeanor in Florida to transfer a house without the appropriate barrier (one reason FNMA leaves those chicken wire pool covers on when they sell a foreclosure).
I do conventional "as is". Point out the missing item(s). Recommend they be installed for safety. Estimate the cost, and attach the "ominous sounding" Florida statutes for smoke detectors and/or pool barriers. This doesn't contravene any GSE guidelines, and puts the decision back on the underwriter. About half the time I get a final out of it.
In Florida smoke detector requirements depend on the age or effective age (level 1 renovations) of the house. A whole patchwork of requirements. Water heater strapping is not required, but expansion valve diverter pipes are required (often missing on DYI installations). The biggest item that the lenders haven't figured out yet are the pool barrier requirements. Again, depends on the age of the pool, but it is actually a misdemeanor in Florida to transfer a house without the appropriate barrier (one reason FNMA leaves those chicken wire pool covers on when they sell a foreclosure).
I do conventional "as is". Point out the missing item(s). Recommend they be installed for safety. Estimate the cost, and attach the "ominous sounding" Florida statutes for smoke detectors and/or pool barriers. This doesn't contravene any GSE guidelines, and puts the decision back on the underwriter. About half the time I get a final out of it.
Didn't they do something like that in the old movie Labyrinth? Two talking doors- One takes you where you need to go, the other kills you. One always lies, one always tells the truth.
