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What Are The Legal Requirements For A Bedroom

Details: The legal requirements for a bedroom discussed in this post have been taken from the International Residential Code (IRC) which is a collection of minimum standards for the construction of one and two-family residences.

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How do you appraise an in-law suite

Details: We built our home in 2017 to accommodate my in-laws within the roofline of our ranch home to meet the VA housing requirements. The laundry room is accessible via the attached garage. The in-law suite is adjoining the main house via the laundry room. The in-law suite is 976 sq ft. Featuring a full kitchen, bedroom suite, living and dining areas.

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Can a Realtor give comps to an appraiser

Details: This is a question I hear all of the time. It seems like such a simple question but the implementation of various laws several years ago has confused real estate agents about whether they are allowed to provide sales comparables to the appraiser. Many believe they cannot even communicate with the appraiser, but this is […]

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Can A Pre-Listing Appraisal Be Used By The Buyer's Lender

Details: New laws require that the buyer’s lender order an appraisal from their list of approved appraisers. The appraisers on this list are typically “rotated” after each assignment. The rotation was put into place so that there would be no actual or perceived fraud between the loan officer and appraiser. It is possible for the appraiser to be on

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What is the FHA Rule for Heating and Cooling Systems

Details: I am located in Alabama so the laws in your state may be different, however, it is my understanding that if a home is sold as-is then there is no requirement that it works. Reply. jennifer nyce says June 16, 2021 at 1:20 pm.

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9 Things Appraisers Wish Agents Knew

Details: Per our strict appraisal laws, we appraisers are not to perform a noncredible report. In my opinion and interpretation of our strict laws that in such cases a reputable appraiser must turn the appraisal down if the data is not available to justify a suitable comp. I do like all the other parts of your writings and I would like very much to send

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An appraisers thoughts on the repeal of Dodd-Frank

Details: Enforce the laws, don’t create new ones that do more harm than good. I really become concerned when I hear folks talking about expanding Dodd/Frank or revising it to make it “better”. I know that many will not agree with me, but I don’t see anything better for appraisers since 2009.

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Four areas the appraiser will not include in your homes square …

Details: Tom – I converted my attached 950SF garage into an independent living area for my in-laws (2 bedrooms, 1 1/2 baths, complete kitchen, pantry , walk in closets separate heating and air and separate entrances from the garage/joint laundry room/outside porch) and had a new 2 1/2 car garage added to the front of the old garage that was converted

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Why do you need a copy of the sales contract Mr. Appraiser

Details: Are there laws and rules concerning this matter ? Reply. Tom Horn says July 22, 2020 at 4:33 pm. The contract is typically provided to the appraiser by the lender. In some situations, I have received it from one of the agents as well. The appraiser is obligated to analyze the contract for anything that is out of the ordinary such as excessive

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5 common errors to look for in your appraisal report if it …

Details: Today we’ll look at 5 common errors to look for in your appraisal report if it comes in low to aid you if you decide to challenge a low appraisal. Trust But Verify- One part you may want to check on is the gross living area (GLA)of the home, or in other words the heated and cooled square footage. While you are not expected to know what this

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Appraisers, are you completing your FHA reports correctly

Details: When it is required by local and/or state laws – FHA does not require the lender to submit evidence or documentation in the case binder that the state or local jurisdiction does or does not require a test or inspection; The National Pest Management Association form NPMA-33, Wood Destroying Insect Inspection Report must be completed.

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Hey, why didn't the appraiser include my basement in this …

Details: What the above translates to is this: the 2997 means that the basement has 2,997 square feet (sf) of total area. The 1588 describes how much of the total area of 2997 is finished living area. The wo at the end means it is a walk out basement. The second line of this section is …

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What qualifies as "finished" basement area

Details: I was asked a question this week about what qualifies as “finished” basement area in a home. An agent was going to list a home and the basement area had some partitioned sheetrock walls in the basement. The homeowner wanted to count this as finished area, so the agent wanted to get clarification on how […]

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It's The Market It's Not You

Details: It is a good idea to talk with your agent about fair housing laws to determine if you should use this tactic. 4) You Waited Too Long-While I am not a real estate agent I have read stories about buyers not being prepared to pounce on a home when they see one they really like. In the past, buyers had the luxury of pondering for a couple of days

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Can you give me a copy of my appraisal report Mr. Appraiser

Details: As you can see, the party that pays for the appraisal is not the determining factor for who the client is. The lender must give their consent to whoever receives a copy of the report, however they typically prefer to provide the copy to the borrower, and are actually required by law to do so. A law went into effect in January of 2014 that

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Can a finished attic be included in the appraisal of a home

Details: The criteria for what can and cannot be included in the finished area total is set forth by the American National Standards Institute through what is known as the ANSI Standard. There are several criteria that must be met in order for this area to be included. The first criteria is that at least half of the finished square footage must be 7

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Is your appraiser packing heat

Details: The laws for the state of Alabama, which is where I live have the following requirements: Must be 18 years of age or older; The permit is valid from 1 to 5 years; The fee is $5 to $20 per year; 30 day processing time; Things appraisers should consider about carrying a concealed weapon

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What is the FHA rule for security bars

Details: As I stated in a previous post, HUD guidelines are concerned with the Minimum Property Requirements of a property which include safety, soundness, and security. As crazy as it sounds security bars falls in the safety category rather than security.

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How Do Appraisers Calculate Price Per Square Foot

Details: Hopefully, this will help agents be in the same ballpark of value with the appraiser when they price their listings. When calculating the price per square foot the correct method is to take the sale price and divide it by the gross living area (GLA) of the home. The gross living area is the heated and cooled area of the home that is above grade

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Is Peeling Paint Killing Your FHA Loan

Details: This is not an issue with conventional loans (unless it is a specific investor requirement), however it can be a deal breaker with FHA loans. If it doesn’t kill the deal it can at least delay the closing. Peeling and chipping paint is a health risk and falls under the “Safety, Security, and Soundness” realm, which is why it is an FHA

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