Is This Room a Bedroom?
Is This Room a Bedroom?
I often see discussions on various forums about āis this room a bedroomā, or similar comments. In case youāve never seen the IBC requirements, I found this on a set of building plans for a new house: IN EVERY SLEEPING ROOM, PROVIDE AN EMERGENCY EXIT WINDOW WITH MIN. HT. OF 24ā³ AND MIN. WIDTH OF 20ā³ AND NOT LESS THAN 5.7 SQ.FT. OF OPENABLE AREA AND NOT MORE THAN 44ā³ FROM FLR. TO SILL So to decipher: A BEDROOM egress window sill must be no more than 44ā above the floor. The opening height of the window must be no...
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I often see discussions on various forums about āis this room a bedroomā, or similar comments. In case youāve never seen the IBC requirements, I found this on a set of building plans for a new house: IN EVERY SLEEPING ROOM, PROVIDE AN EMERGENCY EXIT WINDOW WITH MIN. HT. OF 24ā³ AND MIN. WIDTH OF 20ā³ AND NOT LESS THAN 5.7 SQ.FT. OF OPENABLE AREA AND NOT MORE THAN 44ā³ FROM FLR. TO SILL So to decipher: A BEDROOM egress window sill must be no more than 44ā above the floor. The opening h...
I often see discussions on various forums about āis this room a bedroomā, or similar comments. In case youāve never seen the IBC requirements, I found this on a set of building plans for a new house: IN EVERY SLEEPING ROOM, PROVIDE AN EMERGENCY EXIT WINDOW WITH MIN. HT. OF 24ā³ AND MIN. WIDTH OF 20ā³ AND NOT LESS THAN 5.7 SQ.FT. OF OPENABLE AREA AND NOT MORE THAN 44ā³ FROM FLR. TO SILL So to decipher: A BEDROOM egress window sill must be no more than 44ā above the floor. The opening h...
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Hereās the abstract.
The results of this 2021 white paper: Appraisal overvaluation: Evidence of price adjustment bias in sales Comparisons co-authored by Frank Nothaft are pretty interesting. At first glance, I get the CoreLogic evil empire stuff, but step back and take it all in. Hereās the abstract.
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of ābuyer-borrower remorse.ā Leaving aside the appraiserās potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
As residential property prices plateau or decline in various markets and as borrowers have financial problems with fewer financing options, there are more legal claims being filed by borrowers against appraisers and lenders in relation to appraisals for loans made in recent years. Essentially, the cases are situations of ābuyer-borrower remorse.ā Leaving aside the appraiserās potential liability, does a mortgage lender have liability to the borrower for a negligent appraisal? An Ohio appe...
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines.
FHA INFO 2022-71 ā July 12, 2022
In this Announcement:
FHA Implements Revised Appraisal Validity Period Guidance
Appraisal Logging Changes in FHA Connect...
On July 12, 2022, the FHA announced that it is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. This applies to case numbers assigned on or after June 1, 2022. This just seems like a bad idea at a time where many markets are seeing price declines.
FHA INFO 2022-71 ā July 12, 2022
In this Announcement:
FHA Implements Revised Appraisal Validity Period Guidance
Appraisal Logging Changes in FHA Connect...
Her plight is an attack on occupational licensees everywhere. The nationās long-suffering real estate appraisers, under attack by Congress in an election year, should pay close attention to what has happened in Nashvilleā¦ Nurseās Plight Signals Dystopian Future for Occupational Licensees; Appraisers Take Heed To err is human, but not if youāre a licensed nurse in the Regulatory Republic of Tennessee, where ādog eat dogā has become the stateās unofficial motto. In a first of its kin...
Her plight is an attack on occupational licensees everywhere. The nationās long-suffering real estate appraisers, under attack by Congress in an election year, should pay close attention to what has happened in Nashvilleā¦ Nurseās Plight Signals Dystopian Future for Occupational Licensees; Appraisers Take Heed To err is human, but not if youāre a licensed nurse in the Regulatory Republic of Tennessee, where ādog eat dogā has become the stateās unofficial motto. In a first of its kin...
Appraisers cite AMCs and incomplete MLS information as major sources of delays, while agents cite...appraisers as source of delays.
The post Appraisers voice opinions on AMCs, appraisal delays appeared first on HousingWire.
Appraisers cite AMCs and incomplete MLS information as major sources of delays, while agents cite...appraisers as source of delays.
The post Appraisers voice opinions on AMCs, appraisal delays appeared first on HousingWire.
You may have heard the term before but may still be asking yourself āwhat is probate and what is a probate appraisal?ā Probate is the legal process a will must go through to prove its validity before anything can be distributed to the named beneficiaries. If this does not happen then the wishes of the person leaving the will and the legal requirements for the estate may not be met. A probate appraisal is typically required by the court and is used to help settle the estate. The appraisal he...
You may have heard the term before but may still be asking yourself āwhat is probate and what is a probate appraisal?ā Probate is the legal process a will must go through to prove its validity before anything can be distributed to the named beneficiaries. If this does not happen then the wishes of the person leaving the will and the legal requirements for the estate may not be met. A probate appraisal is typically required by the court and is used to help settle the estate. The appraisal he...
Announced yesterday, ListHub will be cutting off the flow of new listings to Zillow effective April 7th, which could be the beginning of the end for real estate's largest listing portal. Award-winning real estate coaches Tim & Julie Harris have predicted this event on-air nearly a dozen times since the News Corp acquisition of Move, Inc originally made headlines, and now that it's a reality we're going to discuss the announcement, first broken in theĀ Inman story "Rupert Murdoch playing hardball...
Announced yesterday, ListHub will be cutting off the flow of new listings to Zillow effective April 7th, which could be the beginning of the end for real estate's largest listing portal. Award-winning real estate coaches Tim & Julie Harris have predicted this event on-air nearly a dozen times since the News Corp acquisition of Move, Inc originally made headlines, and now that it's a reality we're going to discuss the announcement, first broken in theĀ Inman story "Rupert Murdoch playing hardball...
Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if theyād like to āhelp their lender clientsā by doing Property Data Reports (PDR). Letās decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed āby someoneā in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified...
Appraisers, on Tuesday 5/24/22, an AMC sent a message to their appraiser panel appraisers asking them if theyād like to āhelp their lender clientsā by doing Property Data Reports (PDR). Letās decipher what this is all about. Freddie Mac has decided, that as of Sunday, July 17, 2022, they must have a PDR (Property Data Report) completed āby someoneā in order for the loan applicant to qualify for an appraisal waiver in conjunction with a mortgage loan. In other words, actual qualified...
Appraisal contingencies are put in place to protect the buyer from making a bad deal unknowingly. This provision allows the buyer to walk away from the contract if the appraisal, the decided value, of the home comes back lower than the agreed upon sale price. This appraisal gets performed during the mortgage underwriting process.
The post What is an Appraisal Contingency? appeared first on FastExpert.
Appraisal contingencies are put in place to protect the buyer from making a bad deal unknowingly. This provision allows the buyer to walk away from the contract if the appraisal, the decided value, of the home comes back lower than the agreed upon sale price. This appraisal gets performed during the mortgage underwriting process.
The post What is an Appraisal Contingency? appeared first on FastExpert.