Episode 063 - Are Your Lights On?
Episode 063 - Are Your Lights On?
Agents, how many times have you had to delay a closing because of that doggone appraiser? Okay, it was a rhetorical question. However, one of the reasons for the delay might be you.
Most lenders and loan types require certain elements of the home to be viewable and operable. FHA and VA certainly make that clear in their requirements.
Instead of rushing to get the home ready at the last minute for a closing, follow these few steps to save you and your clients time, money, and heartache.
SHOW NOTES
- 00:50 – Is your home ready for the appraiser?
- 01:35 – Home is winterized, and it makes sense, but causes an issue
- 02:20 – FHA and VA minimum property requirements (MPRs). Utilities must be on and mechanical systems must be operable.
- 03:32 – Attic and crawl must be viewed. Tips on how to make that easier.
- 05:35 – Conventional mortgages will require utilities to be on.
- 06:30 – Not preparing the home can be detrimental.
- 06:58 – Appraisal will be required to revisit the property, which causes two issues: reinspection fee and cost, and additional time delay.
- 09:05 – May seem inconsequential but the additional cost and time delays can really affect your clients.
- 09:28 – Not doing this may leave the appraiser with a “bad opinion” or “bad taste in their mouth” about the property.
- 10:17 – Email B if you would like an appraisal inspection preparation checklist.
SHOW LINKS
- Make your Home Ready for Appraiser – https://nlcloans.com/trd_post/10-easy-ways-to-prepare-your-home-for-appraisal/
- VA MPRs – https://www.veteransunited.com/valoans/understanding-the-vas-minimum-property-requirements/
- FHA Cosmetic vs MPRs - https://www.mckissock.com/blog/appraisal/cosmetic-vs-mpr-repairs-guidance-for-fha-appraisers/
- Conventional mortgages require utilities – https://www.investopedia.com/home-appraisal-checklist-5085295
BETWEEN THE LINES LINKS
Web
https://www.facebook.com/groups/realestatebetweenthelines/
https://www.facebook.com/Brian-C-Lee-111822417027919/?
YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?