Since when are bedroom photos required by fannie mae?

[jay trotta]

OR, the owner says NO interior pics, not moving photos and don't you dare touch my photo's - and still gets the refi.....

 

[J Grant]

OR, the owner says NO interior pics, not moving photos and don't you dare touch my photo's - and still gets the refi.....

lol soon the PDC collectors will have to deal with it more often then we do - good luck to them dealing with it..

What's with the pitch dark houses, all the shades down half the lights dont' work, creepy dark carpet ...(not that it is ever mentioned in a report of course )...

 

[Fernando]

Prior to Great Recession, I only included kitchen and bathrooms as those are the most expensive rooms. Never had to include bedrooms. I always find bedrooms as too personal and open to bias in what is in the room like naked art pictures on walls or foreign flags. Since Great Recession, somehow lenders required more photos especially in every room.
If asked why, I tell occupant that lenders don't trust appraisers so I had to take all photos of each room in the beginning. Now, less occupants asked me why I have to take so many photos.

 

[J Grant]

Bedrooms creep me out. Then again some places do overall - have fun, data collectors, putting your life on the line in some of these inspections. Depends on where you are of course. Many properties I do are upscale or decent with no problems. But the problems are not infrequent either

Last month featured inspecting a triplex unit occupied by a tenant who turned out to be a sex offender (I did not know it when I went in, I researched him on the law enforcement site when I got back.) The RE agent lied and said she would meet me there then called last minute she was not coming but the tenants would let me in. Mr Creep had black garbage bags taped over all his windows and followed me around 6 inches away from me. One of the fastest walk through inspections I ever did.

Next tenant-occupied property I am going to tell any RE agent that if they do not show up for the appointment I will not enter the property.

 

[Fernando]

Bedrooms creep me out. Then again some places do overall - have fun, data collectors, putting your life on the line in some of these inspections. Depends on where you are of course. Many properties I do are upscale or decent with no problems. But the problems are not infrequent either

Last month featured inspecting a triplex unit occupied by a tenant who turned out to be a sex offender (I did not know it when I went in, I researched him on the law enforcement site when I got back.) The RE agent lied and said she would meet me there then called last minute she was not coming but the tenants would let me in. Mr Creep had black garbage bags taped over all his windows and followed me around 6 inches away from me. One of the fastest walk through inspections I ever did.

Next tenant-occupied property I am going to tell any RE agent that if they do not show up for the appointment I will not enter the property.

Bedrooms creep me out too which usually most private for occupants.
Most sex offenders when I look at the sex offender map (public where they llve) usually live in lower income areas. Good thing I don't do that may appraisals in poorer areas.

 

[J Grant]

Bedrooms creep me out too which usually most private for occupants.
Most sex offenders when I look at the sex offender map (public where they llve) usually live in lower income areas. Good thing I don't do that may appraisals in poorer areas.

Hate to generalize but overall too many tenants in duplex - triplex fourplex properties are weird, appear to be on the criminal side or are hostile - I always ask the RE agent to meet me but a few pulled fast ones and did not show up from now on I will inform them when I make the appointment that if they do not meet me I will leave and charge a trip fee. One tenant offered me a hit of the crack pipe he was smoking and I thanked him politely and said "Not while I'm working". He was one of the nicer ones btw

 

[Fernando]

Hate to generalize but overall too many tenants in duplex - triplex fourplex properties are weird, appear to be on the criminal side or are hostile - I always ask the RE agent to meet me but a few pulled fast ones and did not show up from now on I will inform them when I make the appointment that if they do not meet me I will leave and charge a trip fee. One tenant offered me a hit of the crack pipe he was smoking and I thanked him politely and said "Not while I'm working". He was one of the nicer ones btw

If sale, almost all Real Estate agents want to meet me. It makes sense.
One time the tenant wasn't there and the agent had to call and find out the problem. I had to rearrange another time.

 

[J Grant]

If sale, almost all Real Estate agents want to meet me. It makes sense.
One time the tenant wasn't there and the agent had to call and find out the problem. I had to rearrange another time.

These do not even show up on sale. If you saw some of the properties and areas you would understand why. I will not let them get away with it in the future...lol they are tapping RE agents to do Data collection good luck getting some of them to leave their car. for a number of properties......

 

[Fernando]

These do not even show up on sale. If you saw some of the properties and areas you would understand why. I will not let them get away with it in the future...lol they are tapping RE agents to do Data collection good luck getting some of them to leave their car. for a number of properties......

Tenant occupied properties can be problematic based on my past experiences. Many new scenarios occur with tenant.
When I buy properties, the nature of the tenant is important to me. A bad tenant can "decrease" value of property especially in tenant favored communities.
And when I'm at the unit with tenant, I can get honest answers about subject property including verification of rent and condition of building. Tenants have lots to say.

 

[alebrewer]

SOME appraisers take less photos to hide or to mis-lead their clients.

What is your basis for this statement? IOW - there's no doubt some appraisers cut corners. I'm just curious why you think the motivation is to commit fraud? What is there to gain? They're paid the same whether they commit fraud or not, so why do it? Doesn't it make more sense that they do it out of laziness? Out of ALL the mentorships I've done with folks from the great state of TX, not one disciplinary action has been the result of fraud on the appraiser's part. Every single case was out of laziness or ignorance.

Now - are there appraisers who commit fraud? Probably so - but there has to be motivation to do so. For instance, I know of several cases where the supervisory appraiser SAID they inspected the home, when in reality they didn't. That is fraud. But what is there to be gained from that? Economies of scale.

What is to be gained from being deceptive about the condition of a home? Nothing that I can think of...