Why Do Lenders Want Interior Pics Of Garages And Outbuildings?

[Doug in NC]

Just wondering. What are lenders afraid they will find when they ask us to provide interior photos of garages and accessory/storage buildings?

 

[Terrel L. Shields]

What are lenders afraid they will find when they ask us to provide interior photos

They are afraid of their appraisers. They do not trust us. They think this will make us more honest. And therefore, all the secondary market lenders require interior photos. Yes, I miss the old days of Front, Back, and street view. But I actually have a couple of small banks that will accept photos of the F, B, and S without a murmur about interior. For private work, ditto since 99% of them know what their own house looks like.

 

[bnmappraisal]

People sleeping/living in there, possible illegal activity, health/safety concerns, etc ...

I think they just want to make sure their collateral is what we say it is and the interior pic provides that info

 

[Mr Rex]

All the meth labs and chemical storage they found in foreclosed properties that cost a small fortune to remediate before they could sell the REO.

 

[Proactive]

Just wondering. What are lenders afraid they will find when they ask us to provide interior photos of garages and accessory/storage buildings?

They don't know. All they know is it's on their checklist.

 

[ucbruin]

All the meth labs and chemical storage they found in foreclosed properties that cost a small fortune to remediate before they could sell the REO.

I agree with Rex, but for different reasons....
I think the lenders want to see photos of the upgrades and remodeling that are listed in the report....

Lots of homeowners removed the granite counters, expensive fixtures, etc. before moving out....

 

[djd09]

but but but it is not an USPAP requirement.

they are going to eat that line.

 

[Mark K]

Maybe because in some areas the barns and outbuildings are more than just 'barns'. See the photos of the 'barn' about 1/2 mile from my house. House and barn currently on the market.

 

[J Grant]

Just wondering. What are lenders afraid they will find when they ask us to provide interior photos of garages and accessory/storage buildings?

Why shouldn't; they get these photos? Lenders/ the investors are loaning hundreds of thousands of $ on a property, and if a garage or out building contributes to value, they want to see, and have on record in case there are problems late, the quality, condition etc on interior as well as exterior.

Plus revealing possible illegal activities or env hazards stored inside or rented out living areas or commercial use on a res zoned site etc.

 

[Carnivore]

I can't come up with a good reason why you would not include those photos!