Episode 094 - Uncommon Appraisal Issues

Appraisal issues and defects come up often enough in properties. Don’t let the uncommon issues blindside you. Brian talks about an concerned agent’s phone call to him about a problem we almost never see. It was bad news for that agent. Don’t become the next cautionary tale.

 

SHOW NOTES

• 00:58 – Happy Veteran’s Day!
• 02:27 – Property issues and defects.
• 03:05 – Buried fuel tank example and FHA rules.
• 06:17 – Pay attention to external obsolescence.
• 08:40 – Train tracks with noise and rumble.
• 09:23 – Smell issues: sewer treatment plant.
• 10:05 – Most uncommon issues are external to the property.
• 11:15 – Agents don’t ignore these issues. Look around the property. If you have a problem, ask the lender or another expert to find out how to deal with it.

 

SHOW LINKS

• FHA rule on fuel tank – https://hudgov.dynamics365portals.us/knowledge-details/?code=KA-05032#:~:text=If%20the%20subject%20property%20line,is%20ineligible%20for%20FHA%20insurance.
• External obsolescence – https://www.clearcapital.com/resources/glossary-of-terms/external-obsolescence/

 

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