COVID-19 Pandemic & Exterior Appraisals
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
- Bias in Automated Valuation Models - February 28, 2022
Everyone, not just appraisers is getting bombarded with information on COVID-19. So much of the information differs, it is hard to know what is real, hype or hysteria. So much has been shared within the appraisal groups on social media that there are more conversations about COVID-19 then appraisals.
VaCAP is a volunteer organization of appraiser professionals. We are not medical professionals and are just as confused as most of you. Each and every one of us is different. We have different levels of health and different people living in our homes; some may have compromised immune systems, some maybe healthy. Some appraisers are now only completing exterior appraisals only. In these cases, it is best to use your best judgement based on what is right for you and your family. No one else is capable of making that decision.
Many are fearful exterior only appraisals will be the end of the traditional appraisal as we know it. Right or wrong, exterior only appraisals are a possibility that may be acceptable in certain situations. VaCAP does not believe it will end traditional appraisals with interior inspections. The profession has been down this road before. It will not fly long term, especially if the market turns downward.
Some lenders are establishing COVID-19 protocols to follow and some have remained quiet on the subject. There are rumors that one lender has instructed appraisers not to inquire as the health of the occupants of the home due to privacy laws. Others like Citibank have developed their own protocol on how appraisers should handle COVID-19 concerns. There is great flexibility to the appraiser. See Citibank’s protocol below:
PANDEMIC EMERGENCY REAL PROPERTY INSPECTION PROTOCOL
16 March 2020
In response to the present Novel Coronavirus (COVID-19) Pandemic, the following Protocol is established for the safety of our customers, vendors and employees. While Citi’s Appraisal Guidelines require a property inspection by the appraiser, this strict standard will be modified to provide flexibility in order to keep the property inspectors and our customers safe. The following sets forth concepts that may be applied, but in all cases local health authorities rules and recommendations, as well as personal judgment, must be applied.
- If the appraiser believes that the property must be fully inspected in order to produce a credible estimate of Market Value, the assignment should be put On-Hold and your Citi contact should be immediately notified of the delay. While this may cause delays in closings for Citi’s customer, our Transactor will manage their client’s expectations. This decision may be made at any time at the appraiser’s discretion.
Alternatives to Appraiser Inspections
The appraiser may determine that one or more of the following alternatives provide sufficient reliability for a credible Market Value conclusion:
- A recent property inspection report performed by a qualified individual(s) such as an engineer, architect, general contractor, etc.
- Reliance on other publically available documents and digital media, including those used in marketing a property for sale or lease.
- And exterior inspection without making any personal contact
- The “Property Contact” should be notified that the exterior of the property will be photographed by the appraiser.
- The appraiser is not required to go on-site for the exterior inspection or photographs.
- The appraiser should request that the Property Contact arrange for interior digital photographs to be taken by an individual who is currently on-site (such as owner, tenant or property manager). The photographs should be forwarded to the appraiser for inclusion in the appraisal report.
- The appraiser may request that the Property Contact arrange for a “virtual inspection” via a live stream video call with an individual who is currently on-site.
- Cell phone cameras may be used along with an applications such as Skype.
This Protocol will remain in place until further notice and maybe modified from time to time with notice of revisions.
Meanwhile, MBREA sent out the following advice this morning and we thought it was good common sense worthy of sharing.
- Talk with your clients about COVID-19 to see if they have any protocols they would like you to follow
- Let your clients know you will have a conversation with the borrower/owner when scheduling the appointment to identify any risk of infection. This conversation should also provide the borrower/owner with the opportunity to ask you screening questions or to assure them you are not ill.
- The appointment scheduling call is a good time to let the borrower/owner know if you will be wearing gloves, not shaking hands, etc.
- Screening should be limited to questions about the coronavirus and flu such as:
- Is anyone in your household currently sick with a fever and/or a cough?
- Has anyone in your household been exposed to a person who has or is suspected of having the coronavirus?
- If the appointment is set for a few days later, you may wish to ask again when you arrive at the property.
- Communication is key – between you, your client, and the people you will come into contact with — to avoid misunderstandings.
Johns Hopkins University recently solved the largest mystery surrounding COVID 19: Why is all of the toilet paper disappearing from grocery stores? After tracking over 100,000 customers, they determined that the effect is directly linked to the empty pizza and hot dog sections in grocery stores.
So how would the industry feel now on just Exteriors. Loan apps have increased since the rates dropped. My work que is stacking up .
Some lenders are providing flexibility. For example, as stated in the article, Citibank’s protocol gives the appraiser the decision making authority.
Keyword credible assignment results. I have yet to see any statistics on the inevitable bottleneck of deals in the pipeline and reductions in general activity by volume. Someone should write an article with good disclaimer language, I think we could all benefit from something like that right now.
Those ideas read great on paper but fall to the wayside when numbers in that county start stacking up. I’m in an effected area where shelves are empty and community transfer is likely present. Be careful what you wish for with anything but a full inspection as normal, it may be wiser to simply delay or pass. If you are not yet in an affected area, expect runs on masks, cleaning products such as lysol, durable goods, and foods. We have the ‘no place to run no place to hide’ virus policy at home, a spring cleaning event daily, we drop clothes in the garage and shower after going out, maintaining maximum hygiene at home, tea and vitamins daily. We hoped it would not get this far but it did, be prepared so you can help yourselves and help those around you. Messages about keeping borrowers comfortable. Now lending is playing armchair infectious disease advisor? If you are not prepared, or are in a high risk category, just stay at home. Per the potus briefing this morning, we’ll know if we’ve ‘flattened the curve’ in about 2-3 weeks based on the actions of today, which should be everyone’s current primary goal. People will be fine, people and the economy will recover, rates will remain low. What is dangerous is pretending it won’t happen to you if you step out there unprepared and/or bring it home. Look to your own state figures to assess if there is risk factor near you, respond accordingly. This is a great article which should give good perspective.
We have started asking for all interior doors to be ooen, all lights on, and for no one to be at the house.
My last 2 full inspections are today. All week I have been masked, gloved, and wearing booties. Yes, they are discarded in a bucket in the back of the pickup when done. The iPad, pen, clipboard, camera, and Disto are disinfected using the wipes or spray that I left on the truck box before I enter the house. No one can be home, all lights on, all doors open including the door from garage to interior of house. I have suggested to all my local clients that request exterior only inspections be allowed by their investors, GSE’s, HUD, VA, USDA. This should solve some of the pipeline issues; however, I believe that much of that will start to decrease by the end of next week. Everyone stay safe out there. There are 156 cases in GA as of 10 AM but only 2 in my area. I expect that to double each day for the next couple of weeks. I’m concerned but not scared at this point.
My last 2 full inspections were also today. It is really creepy to be in houses with everyone home. They are home from colleges (infected college town) , home from elementary schools (infected school employee) home from work. We have no business in homes at a time like this. I offered exterior services only to my lender clients yesterday. I also do not trust the homeowner/borrower who desperately want to refinance. Do they really have my best interest at heart? In some cases I don’t think so. In the meantime I’m hunkered down.
Almost a certainty Appraisal Waivers will be ramped up to handle the disruptions. Appraisers could be facing a very long hibernation over the next few months.
Realtor boards are now banning advertised open houses in my region. Realtor property showings are in the cross hairs also.
CoreLogic is down 10% today, down 30% in 2 weeks… and that’s with stock buy backs. Their Corporate Debt crack pipe may have shattered
The Appraisal Subcommittee (ASC) is providing initial relief to State Appraiser and AMC programs
Just remember your “Market Value” definition on your URAR requires “open and competitive markets” as of the effective date. Self quarantine requires may be impacting that openness and competitiveness of the market, which begs the question of what “value” are appraisers opining, in markets without open houses and where Realtors are not “essential businesses”?
I inspected a mixed use apartment/retail building in late February before this got spread; I have all photos and visited the city who emailed me the old town building codes and permits. Luckily I have all the photos and measurements of the building. I then went on honeymoon in Maui for 8 days; I was in 6 TSA checks, 3 airports, 4 planes and two taxis and a rental car. We enjoyed the trip and came home safe on March 6th. Some sniffles kept me in, and we only went to grocery once and stocked up, but no toilet paper; we got picnic napkins for backup and I am cleaning and working from home exclusively.
The point I want to make to other appraisers is that our businesses are interrupted and we deserve any financial support from our government, and they can get licenses from state lists; AMCs don’t go out of the office, so they shouldn’t get any money or loans, unless they can prove they have the kind of risk we have in doing our jobs. This may be the kiss of death for our profession, but when we get a new president things will change.
Heads up: people won’t want to go to open houses, and the market is going to take a hit from this virus outbreak! I will very likely come up with my value on this property and then give it a 9 to 12 month marketing time estimate. People will buy in this coastal Oregon town without even visiting the site, and under normal conditions I would estimate a 2 month marketing time. The purpose of the appraisal is for the sale; and an elderly woman died on the property so I will check to see if that adds to any stigma present in the current market. No, I don’t know the cause of death, but I think it was in January or early February. I will ask my client when I inform them I believe there will be an extended marketing time.
Be careful out there, and work from home whenever possible. Take off your clothes and put them in the washer, and no shoes in the house. Keep it clean!
And how do you discount the income approach, when the tenants don’t have to pay rent, yet can not, now, be evicted? But the holding costs keep on coming.
The Income Approach won’t be applicable until people can be made to pay rent or be evicted?
The income approach is an estimate of rent based on a rent survey of similar properties, not whether the property is rented or not
That survey of rented properties would be “historic” rents. Your assignment is for “current” value. And believe there is an appraisal catch all that says, buyers: Anticipated Future Benefits.
and not from a blind person
My response to current market value to future market value is this “it is beyond the scope of this appraisal” to determine any future negative impact on the value of the subject property due to the Coronavirus.
Do you know how you get to current value from historic data??
Well, you adjust the historic prices to align with Today’s market conditions.
So glad this is a “profession”.
All anyone can do is research the current market as it currently is to establish what a property could currently rent for, with the disclaimer I mentioned. This is really not as difficult as you are making it out to be. You or I or anybody else are not smart enough to know what the ultimate affect is today or in the future as a result of this virus. That would be ignorant and arrogant
You or I or anybody else are not smart enough to know what the ultimate affect is today or in the future as a result of this virus. That would be ignorant and arrogant . All anybody can do is utilize the current information that is available today
I’m not smart at all. But let me ask you a question. Are moving companies working in your service area? Is your service area under any kind of restriction of business that are not essential? Moving companies are not essential, so I guess in areas under such mandatory work stoppages, buyers, sellers and tenants can not hire a moving company, cause it’s really only the numbers that matter, never the reality.
Copy and use this if you need to.
MY INSURANCE RECOMMENDED THESE COMMENTS ON PG. 1 OF THE TEXT ADDENDUM TO PROTECT MY LIABILITY. THIS IS INCLUDED NOW WITH a VARIABLE STATEMENT ABOUT WHICH COMPS TRANSPIRED PRIOR TO THIS DATE OR AFTER THIS DATE. PART OF THIS IS ALSO PUT ON THE 1004MC RE: NOT PREDICTING FUTURE ECONOMIC EVENTS.
IE: “A national declared disaster as of 3/13/20 was issued by U.S. Federal Government relating to Novel Corona Virus-19 pandemic a contagious respiratory virus overwhelming the public and health systems.
The reader is cautioned, and reminded that the conclusions presented in this appraisal report apply only as of the effective date(s) indicated. The appraiser makes no representation as to the effect on the subject property of any unforeseen event,subsequent to the effective date of the appraisal.” (subject contract transpired after these dates. All comparables available had date of contracts transpiring prior to these dates except #3 in March 2020. All the comparable sales closed prior to these declaration dates(except sale #3-4). The appraiser is not an economist & can’t predict or guarantee future market conditions affecting subject which may change. The short and long-term impact on the market from the COVID-19 virus is unknown; however, it is reasonable to assume that current restrictions in market activity due to the virus will extend marketing times at least 60 days beyond the current levels. This assumption has been taken into consideration with regards to the estimate of reasonable exposure time. At this time, the appraiser assumes that there is a delay in market activity, but not a significant long-term shift in demand or supply which would result in a change in market prices. These are considered to be extraordinary assumptions which, if proven false, could impact the opinions & conclusions in the report.”
And contrary to the ASC’s belief, 12 CFR § 1026.35 does require an interior inspection by the appraiser. But hey, don’t expect the info necessary to help you determine the correct scope of the work will be revealed to you, cause you’re the only one who can be sued later.
Marion is retired I assume?
Only appraisers write reports. But anyone can fact check reports, after the fact. Make sure all your facts line up for the day they are supposed to. Oh, and it won’t matter if you’re getting a pay check or a fee
Now with the coronavirus fears and responses, there is likely to be serious disruption to the markets with unknown consequences when this will open up again. I have drawn out marketing to 6 months assumed.
“All conclusions may be subject to change and may not be entirely reliable, due to swiftly changing economic climates related to the Coronavirus pandemic.”
Definitley need to put the “as of” date in BOLD letters!
Ever read the definition of market value printed on the URAR?
OPEN AND COMPETITIVE MARKET, the closing and passing of title on a specific date, being the effective date.
If appraisers are afraid to go inside and inspect the homes of borrowers, why do appraisers believe that potential buyers, would not be afraid?
And that potential buyers who are not afraid of getting sick in someone else’s home, comprise an OPEN AND COMPETITIVE MARKET for market value to exist?
Are appraisers opining intrinsic value?
And putting that value on a form for market value, without disclosing the value they opined?
Marion, what do you think of this language? I’m waiting for someone to post a language article. I borrowed and rewrote this but it reads well.
conclusions should be deemed speculative, measurements of previous market activity may not be reliable indications of future market activity. Marketing estimates have been drawn outward, assumption of notable reduction in activity in future time frames.
Opinions are subject to change and may not be reliable, with changing economic climates.
Another appraiser said; business as usual, with more disclosure. What do you think?
I had posted some good stuff in that other place the other day, but this is an evolving situation, and tomorrow might bring more changes that make the entire endeavor moot.
But read that definition of Market Value on your URAR and consider how in the heck you are meeting the definition’s required “open and competitive market” on the specific date, if you the appraiser are afraid to go into someone’s home, yet are opining what a “buyer” will pay for it, like they won’t be afraid to go in the same home, and they’ll just close that paperwork and move their family in.
Sure, because the “Market Value” opinion is made based on a hypothetical sale, not on a hypothetical refinance.
But we just went to “life sustaining businesses” are the only ones able to operate as of 8:00pm tonight, and you’re not gonna convince anyone that title searchers or Realtors or Appraisers are “life sustaining” to anyone other than themselves.
I have requested the MLS provide better data and guidance for us to rely on, language to use. Corelogic strikes again, we don’t understand your request please clarify. Work is going to dry up for all of us. Appraisers may be considered essential to some. Good luck explaining that. If I get a government check I’m spending the entire amount on silver rounds. You know, I paid my student loans off all by myself during a down period which lasted many years.
Market value is what people are willing to pay right then and there. Seller type will no longer matter because from a buyers perspective, the non distressed sellers will no longer represent the majority and that’s all she wrote. Getting my prequalification ready soon. I don’t like having called this but obvious has always been obvious. We never knew when or exactly how but we knew it would somehow happen.
posted some language I use above. Use it if you need to.
The death of liberty is here if people continue on this course.
What kind of world do you want to live in? We’re only human.
We’re staying at home but completely disagree with all the help packages, government giveaways, and just everything relating to this. They could have simply forced a freeze on all bills, a forced roll out of all note and debt payment obligations, forcing lender debt holidays. Froze the economy in time for a few months and simply let it pick up again in the summer. People did not need to lose their jobs or be forced to continue paying mortgage and credit card bills.
Oh come on, the government reach is only into YOUR pocket. Else we wouldn’t be in this mess.
I just want to know how appraisers who are afraid to go into other people’s homes, believe market value exists, as if, buyers are not similarly afraid, and they are just happy to move their family into other people’s homes. ROFLMAO.
It’s okay to want a different world . It’s not okay to advocate for stupidity as a self preservation. Because it won’t take very long before some lawyers find plenty of available work, and it’s only appraisers claiming “market value” per the definition in their report, as of the day, oh, and there were shelter in place orders and non-essential businesses going belly up. Brave buyers up holding that “market value” so appraisers can do drive by appraisals.
Related. If you can’t find appraisal work there is always house cleaning. Do the appraisal, then upsell a cleaning service on your way out. How to beef up to an 8 hour inspection quasi cleaning visit, earning more with the janitorial side. Then recapture the customer with additional service wherever they move to or moved from.
‘Boom, the moment someone new steps in the door, have to start over.’ Priceless.
The question of definition of market value is the big one. Hoping someone writes an article on good language to use, preferably with support of their EO provider’s legal staff. Has anyone even called their EO provider for guidance on this issue? Questions that need posed and answered if appraisers are to continue to keep working. This, how to avoid the full inspection routine, and keep flipping 1004’s is not going to cut it.
HERE’S A REALITY ABOUT WHAT WILL BE HAPPENING BECAUSE NONE OF THE LENDERS WHO OVER LENT WILL ADMIT THEY DIDNT FOLLOW DODD FRANK SET FOURTH TO PROTECT US FROM ANOTHER FINANCIAL MELT DOWN. THIS WILL NOT BE JUST MORTGAGES, ITS COMMERCIAL LOANS AND SECURED LINES OF CREDIT BEING BLOWN TO SHREDS…….. THE PROFESSOR WRITING THIS ARTICLE SAID IT WELL.
Info wars is a fake news site. Since this is your source of information on this subject, I urge anyone reading the posts of this libertarian nutcase to read his posts with skepticism. We all have learned methods for research and analysis and are capable of reasonable conclusions. When this fake news site is given credibility by one of us, we must speak out. This is not a hoax, it is a pandemic, people are dying. Smarten up, stay home and practice our profession with credible information!
Yes it is a substantial issue worthy of concern. That video is called parody to illustrate how people like yourself, are unnecessarily hyperventilating. Just because you don’t agree with a particular brand of journalism does not automatically cast that into disinformation or fake news. 1. I am not a libertarian. 2. Oh why bother. If I’m the boogieman in your mind living rent free, that’s fine with me. The pot called the kettle black, again.
And the discount rate you are using for that multi-family, under these historic conditions is?
And what good are food stamps if there isn’t any food
And what good is medical insurance if you can’t afford the deductible?
It’s not what we “want” it’s what we are told “we must” Don’t like it? well tomorrow is another news day.
Wait for it…………………..
and maybe you’ll be glad some drone will be airlifting a box to your front door so you have some food.
Stay well Bags and buddies.
If people were not rushing the supply chain all at once, there would have been enough. The lack of will only be a blip on the radar. Take heart, the supply chain will replenish, less many foreign made items which is good for everyone in the long run. Right now American manufacturers are gearing up to produce masks and other essential supplies. Better late than never. People should take the positive merits of maintaining a better state of readiness more seriously. How is globalism working out for you personally? This will resolve itself in a few months. Don’t panic.
California Gov. Newsom issues order for entire state to stay at home due to coronavirus
Market conditions are changing almost hourly.
How the heck do you think you have “market value” and not some kind of undisclosed “intrinsic value” because you data can’t keep up with these changes? And face it, if Californians can’t come and buy property by you, your market is no longer “open and competitive”, which is a requirement of the definition of “value” you are opining too.
If that goes down here, I’ll be blogging. I just traded 10 n-95 masks to the neighbor for a full super sized can of lysol and I kicked him a bottle of X2 to be friendly.
Work with what you got. You know what I really regret though, not having red meat in the freezer. Now I’m going to be like the unintentional vegetarian. The nightmare begins. One thing is for certain, I’m not going to buy into the hysteria.
You know I can’t keep up with that advanced value analytical talk. I need simple math.
When you live in the woods, dinner runs through the yard every night.
Meanwhile, yeast, sugar, flour, hydrogen peroxide, salt and some mustard. You can make virtually every thing you need from bread to poison ivy cures.
Now is when watching all those Naked and Afraid shows will pay off.
Enough. Time to block.
I have seen different verbiage of market value but what kind of statement is recommended to include in reports during this pandemic. A 1004/MC is a good start but not reliable with the daily events occurring. What is your recommendation with regards to included verbiage?
This came from LIA :
The global outbreak of a “novel coronavirus” known as COVID-19 was officially declared a pandemic by the World Health Organization (WHO). The reader is cautioned, and reminded that the conclusions presented in this appraisal report apply only as of the effective date indicated. The appraiser makes no representation as to the effect on the subject property of any unforeseen event, subsequent to the effective date of this appraisal.
Read my statement once it is approved you can use in your reports it’s very simple and straightforward
This is NEW BREAKING news I heard on CNBC and found on the internet from this link
New York Governor Cuomo says 100% of workforce must stay home
Total shutdown in New York I don’t even know if CNBC can stay on the air with this order. … New York Governor Cuomo says 100% of workforce must stay home … GBPUSD cracks above the 100 hour MA …
So….are we essential? IL shut down till April 7th. Many will follow suit.
Are you a “resident” of IL?
STAY AT HOME ORDER
Better ask them if you qualify as a lending institution.
Per ICAP – Deemed essential.
Do you have “market value” per all the requirements in the URAR definition of “market value”, as of the day?
Would seem to me that “non-essentials” are no longer potential buyers, and therefore the market is not open and competitive, but rather is constrained.
Bold new world.
I am doing a mixed use property I inspected on February 24th, right before I made a trip to Maui for 8 beautiful days. I came back with sniffles as did my spouse and we have stayed in, away from people so if we do have something from all those airports, we won’t infect other people. I am going back tomorrow to re-inspect so I have a new date of value. Then I will consider what, if any, the impact of the virus is on the local real estate market. I need residential and retail rents, as it was owner occupied prior to the death of the owner. The death was from cancer, not the virus. Anyway, my state does not require seller disclosures on the death, and it is not important in this assignment, because there was no murder or suicide which could cause a stigma if it was disclosed to potential buyers.
So, I am interviewing brokers who are very experienced in the local market and one says we never do open houses (I thought that could hinder the sale) because as soon as I finish at the end of this month, the family will put it on the market. The normal seasonal selling period is just starting, and I am asking questions about the marketability, the possibility of people making offers just from photos with “subject to inspection” offers. It is a very nice property, well designed and appointed and has handicapped access to the apartment above the commercial space. It is in a tourist, coastal city that is very popular when the sun shines, and that time is approaching after normal months of frequent rain, so is there a problem I must solve, yes. The property is very appealing and well-appointed and in the tourist area with a view of the popular bay, so I think, if anything, it will sell quickly. It has been reported that one agent was presenting an offer today on another property (probably residential) and he has been showing property regularly during this pandemic.
Anybody have suggestions? Because there is no data that can prove any external market conditions that would affect the price or estimated exposure time, this is a good question and problem for thoughtful appraisers. I thought I’d share this problem with this group who sometimes have very cogent things to say about the appraisal process and the reasoning we use to make forecasts. In case anybody thinks exposure time isn’t a forecast, try having only data that shows purely residential properties are still selling while closures of businesses that are non-essential are not going to impact the marketability of this property, and I’ll show you a bunch of Easter eggs that won’t be found because kids have restrictions on their play and competitive hunting activities. There is certainly a restraint on the market for any property at the current time with so much bad news and the upcoming recession.
Is the property located in a city with an eviction suspension?
If so, how long is the suspension in place 30 days? 90 days? and, the big question is, when the eviction suspension is lifted, is all the back rent due at once? Is the back rent forgiven? And what will the future marketing time be if more jobs are lost and after a month or 3 many businesses can not reopen and hire employees?
Some of those questions are answerable, but maybe not all, so there is much more “risk” to the rental income than there has been in many, many years.
Some of the building is commercial space. Is that space suitable to house an “essential business” under any current closure requirements of the state or municipality?
What is the value of commercial space that has to remain closed, yet is accumulating expenses in taxes, insurance and “opportunity costs”?
If the space could house an essential business, such as a doctor’s office or a drug store, what is the area competition for those businesses already in place?
And, what is the cost and time frame to renovate the space to suit that kind of use?
All of these things will need to be addressed under current conditions. But hey, if there isn’t any virus restrictions in the area, and the market is open and competitive with potential buyers and tenants, well, congratulations for finding a safe place.
I’m also worried that if your working , you may not get paid. AMCs May fall just like other businesses.
Are appraisers in the states that now have stay at home laws, CA,PA,NY,NJ etc. not doing interior appraisals now? I’m in OH and am wondering what I am doing going through homes during a pandemic.
Pennsylvania updated their list of essential and non-essential services with yes/no check boxes of what can and cannot operate. Enforcement was supposed to start on Saturday, but has been delayed until 8am on Monday. Yup that’s the start of enforcement. The revised list is here:
Appraisers are not seperately listed. However, the appraisal licenses say Real Estate Appraiser, Not financial institution supprort, contrary to what many are being told.
so if you look at the revised list of what is essential or not, you’ll find that nothing under the realm of Real Estate is essential and all the check boxes for it and residential construction are checked as NO for can’t operate.
Stay well everyone
Ohio governor just issued a stay at home order. Hopefully the AMCs will allow exterior inspections. Maybe home owner can text us photos of each room. Any thoughts….
The only way to force the issue will be to stop doing all interior inspections until it is safe to do so. After the inspections today I am done. For 2 weeks now I have been asking when I schedule if anyone has been or is sick in the home then I ask again at the door. Yesterday I was halfway through the home when the truth came out, this young man had been sick a week prior with flu-like symptoms. I completed the inspection without issue and left but none of this is worth risking my health or that of my family’s. This greedy young man needed his loan for his business so bad that he cared about nothing else let alone my well being.
I am doing Exterior Only or Desktop for the foreseeable future on Conventional. Hopefully the VA can figure out what track they want to take in short order but I am not optimistic. It could take a few more days to a week…..maybe. They don’t move too fast. Hopefully it will be something like what Fannie and Freddie have done. I’ve not heard anything on what FHA is considering but I don’t do but 2-3 per month.
We respond to our clients that we are complying with Fannie and CDC guidelines when we receive the orders for 1004s. NO RESPONSE. NO ORDER FOR 2055. No one seems to understand the health risk. Maybe they should mention the virus on the news!