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  • Writer's pictureJesse Ledbetter

Did an appraiser inspect your home?

Lenders and Fannie Mae want a pizza delivery person to perform the inspection of your home, and then send the results to an appraiser... What could go wrong?!

In a recent article by covers what kind of "strange things" can go wrong.

In the article the lender allowed an unlicensed property data collector (there is no such designation at the state or federal level, therefore it is completely unregulated) and this individual over-measured the home by 600sf. In some parts of Richmond, that is an entire house worth of square footage. The lender then passed this "report" to the appraiser who used it to determine the value of the home.

One year later the mistake is found and the homeowner is $100,000 underwater. WHOA DUDE... that's a lotta pineapple!

All joking aside - Fannie Mae and lenders aren't looking out for your best interest, they just want the loan closed fast, not accurately. You have to defend yourself in this environment.

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