Yes, I vent about the mortgage industry and yes, I am the first to let it be known if I think certain mandates don’t make sense. And sometimes I just say, “Duh!”
As home buyers and Realtors and mortgage professionals know all too well, besides the assessment conducted by the underwriter, the appraiser’s evaluation of the property’s value is critical to the advancement of the deal and its eventual close.
So here we are with Fannie Mae finally making (what was really obvious to everyone else) the provision that interior photos are a requirement as part of the appraisal.
And we’re not talking the staged shots taken for the MLS listing where the fruit-filled bowl is spotlighted on a gleaming mahogany table…we’re talking photos that are more forensic in nature…..images taken at the time of the appraisal. Dare I say more crime scene oriented? Like evidence of a refrigerator that has gone missing in the night?
So….in addition to the current need for photos of the front, back, and street scene of the property and an exterior building sketch and other miscellaneous must haves; the following interior photographs must include (at a minimum):
- The kitchen
- All bathrooms
- Main living area
- Examples of physical deterioration (if applicable)
- Examples of recent updates to include photographic evidence of a renovation or a remodel
At the end of the day, makes sense to me. I’m a mortgage guy, I love when things add up.