Vacant or Owner Occupied?

[gregb]

On a regular basis I am appraising for purchase or refinance second or vacation homes occupied by the owners at their whim. Always, the lender/client specifies to click owner occupied on the 1004.

 

[Fernando]

On a regular basis I am appraising for purchase or refinance second or vacation homes occupied by the owners at their whim. Always, the lender/client specifies to click owner occupied on the 1004.

If vacant, it's vacant. If there some kind of occupancy besides being staged, I would state what client indicated on my engagement order.

 

[Tom D]

so easy to explain however you note it. yes, argue with lender. the next new appraiser they use won't. business that good now. it's your business decision, but so easy to change and explain what it is. on the loan application they noted a different address as their primary residence. you can't have 2 primararies in fannie or FHA.

some of yous should broaden your r.e. experiences.

 

[Terrel L. Shields]

You live one place or the other. Period. You don't live in 2 houses. One is your PRIMARY residence. The other is your vacation home.

Always, the lender/client specifies to click owner occupied on the 1004.

They do so contrary to FNMA own words.

 

[gregb]

They do so contrary to FNMA own words.

GSE's not involved.

 

[Terrel L. Shields]

GSE's not involved.

Then no problem. I don't call this 9000 SF VRBO owner occupied even if she was there the day I inspected. But even FNMA will lend on vacation homes - it's no big deal to call it "occupied" or "not occupied" when a GSE et al are not involved.

 

[Fernando]

so easy to explain however you note it. yes, argue with lender. the next new appraiser they use won't. business that good now. it's your business decision, but so easy to change and explain what it is. on the loan application they noted a different address as their primary residence. you can't have 2 primararies in fannie or FHA.

some of yous should broaden your r.e. experiences.

What did you say?
At least with Zoe, I have some idea what he's saying.

 

[Tom D]

sorry king. i know it's hard to understand the peasants. you just too funny fernie king.

 

[Terrel L. Shields]

At least with Zoe, I have some idea what he's saying.

Most certainly the two of you are on the same wavelength.

 

[David S]

Completed a refinance on a borrower's second home, which I marked as owner occupied. No one is currently living in the property but property is still fully furnished with personal items in each room and even a car in the garage. I'm getting a lot of pushback to mark property vacant. I clarified that property is currently unoccupied but not vacant. Am I missing something here? Would you honor this request?

Do you have any way to clarify this from POC?