Quality

[Mr Rex]

Properties with a quality of construction rating of Q6 are eligible for sale to Fannie Mae

 

[residentialguy]

Properties with a quality of construction rating of Q6 are eligible for sale to Fannie Mae

You're right...under the condition that it must first be repaired. It says "the Q6 Rating is an exception because it indicates that the property is impacted by one or more deficiencies that negatively affect the safety, soundness, or structural integrity of the property", therefore must be subject to being repaired/altered.

Don't blame me...blame Fannie. It may not be what they intended, but it's their wording that messes it up. Their wording is still the same as C6, which means that it can only be a Q6 if there is one or more deficiencies that negatively affect the safety, soundness, or structural integrity of the property. Once the deficiencies that negatively affect the safety, soundness, or structural integrity are gone, it moves out of Q6 rating to Q5 or better. If the property is rated a Q6 that means it has a safety, soundness, or structural integrity issue and properties with a safety issue are not eligible.

Now you can go by secret conversations, decoder rings, and mind reading of intentions of FNMA ...or you can contact FNMA and have them correct their errors.

 

[Overimprovement]

View attachment 35251

We have entire towns, where there are blocks and blocks of homes that look and sound like this. Ahh..the industrial age.

I'm starting to wonder if there are any Q3 homes in my market area, if this is Q6!

 

[Mr Rex]

[QUOTE="residentialguy, post: 2836550, member: 123200"]If this is for FNMA UAD 1004, you actually can not state Q6 or C6 on the SCA grid. Those are automatic "subject to repair"...and with "subject to", your SCA must always reflect the as repaired condition & quality. In your comments, you state that upon inspection it was C6 and/or Q6, thus required by FNMA UAD guidelines to be repaired.[/QUOTE]

You said this, which is not true.

 

[J Grant]

We have entire towns, where there are blocks and blocks of homes that look and sound like this. Ahh..the industrial age.

I'm starting to wonder if there are any Q3 homes in my market area, if this is Q6!

Imo, that looks closer to a Q5...wouldn't a Q6 be significantly "worse", just as Q1 is significantly "better"? Which is what makes Q1 or Q6 rare ( in most markets)

I dunno...the house in the picture, though low quality, looks professionally built with normal if low cost materials. I would expect a Q6 might have some mismatched components or low roof line or self installed windows or a tar paper roof etc....( at some point it might be subjective making the call but there has to be a difference )

 

[residentialguy]

[QUOTE="residentialguy, post: 2836550, member: 123200"]If this is for FNMA UAD 1004, you actually can not state Q6 or C6 on the SCA grid. Those are automatic "subject to repair"...and with "subject to", your SCA must always reflect the as repaired condition & quality. In your comments, you state that upon inspection it was C6 and/or Q6, thus required by FNMA UAD guidelines to be repaired.

You said this, which is not true.[/QUOTE]
Which part?

 

[Mr Rex]

That you can not submit a Q6 to Fannie.

 

[residentialguy]

That you can not submit a Q6 to Fannie.

So you can submit a property "as-is" that is negatively affected by safety, soundness, or structural integrity issues?

 

[J Grant]

Putting aside the duel between Res Guy and Rex...

Imo, the very fact that a property is a Q6, even it it has no repair issues, would in many markets mean it is a tear down/more value HBU as vacant.

But again it would be market specific...if Q6 homes were prevalent in an area ( likely also has low land values ) the HBU would be as is.

Sometimes I watch reality TV shows set in Alaska...though they show kinds of houses some very luxurious, they show houses in the outposts that look Q6,homemade from whatever materials they could get hold of...same maybe found on reservations or some rural pockets or older city areas of USA...I think most of us would know a Q6 if we see it just as most of us would recognixze a Q 1...the questions become flip side opposites of each other..is a Q1 an over improvement for area and is a Q6 an under improvement for its area

 

[residentialguy]

But again it would be market specific...if Q6 homes were prevalent in an area ( likely also has low land values ) the HBU would be as is.

Let me ask you, JG. Can you submit a property "as-is" that is negatively affected by safety, soundness, or structural integrity issues?