What Is A Bedroom Now Per FHA 4000.1

[Meandering]

Now why you want to say that P?

Next Mortgagee Letter will be for appraisers to verify capacity of septic tanks.



Because do do flows to the ones that can least afford it.

 

[Peter LeQuire]

The manual revision will add a requirement to do at least a head and shoulders entry inspection of the septic tank.

 

[Meandering]

 

[Non Sequitur]

The manual revision will add a requirement to do at least a head and shoulders entry inspection of the septic tank.

Not before some AMC adds it in and claims it's been a requirement all along.

 

[Terrel L. Shields]

The septic was only approved for 3 bedrooms,
The township required a closet for counting the room as a bedroom.

Ditto here. Appraised a "one bedroom" home that had a recreation room, a sewing room, a library, and three bathrooms....Bedroom count is all that matters on sizing the septic system. Three rooms had closets. Dumb system.

 

[KenAZ]

I was doing an appraisal in an older area of town, early 1900's houses, and ran a cross this comp that just seemed low. I called the agent and she said the appraisal got cut $20k for being a 2br vs 3br because the 3rd room didn't have a closet. One of the other comps was within the same block and identical, sold as 3br. Both comps were updated. I felt like apologizing for the idiot appraiser.

Btw, there is absolutely no basis for a $20k adjustment for 2br vs 3br in this market.

Especially when the cost to install a closet is less than $1,000. Maybe cut $2,000 at the most

 

[glenn walker]

$500 !!!

 

[Eli]

I tell people that the reason that many older homes don't have closets even if they are Q3 or better in construction quality is because they didn't have a Wal-mart or Costco back then. They believe me when I tell them that.

However, many old homes do have walk in or walk up floored attics with stairs and unfinished basement areas for storage. They just didn't have much closet space. Not as many personal items to put in them back then. Simpler times in many ways.

 

[Eli]

Some homes in historic districts with a Q3 or higher construction quality and C4 or better condition rating are valued similar to newer homes in the same city. And, the similar size and quality newer homes might have walk in closets in their bedrooms, where the historic homes might not have any closets in some of their bedrooms.

 

[Michael S]

Several years ago when I took my basic appraisal classes the teacher said the only thing a bedroom needed was a door, and a window large enough for egress. She did specifically mention that closets weren't a requirement. I know in college the definition of a bedroom got very loose in some rental properties, i.e. an open area at the top of the stairs with the addition of a curtain become another bedroom.