November 2nd, 2007 → 5:48 pm @ terry
Things are really slow now and I’m loving it. I did get one initial secure order and ran out to do it but found the house occupied. Oops! There’s that $4 inspector again.
I am putting in a lot of time on some new material for the manual and some web site projects. I wanted to improve the information in the manual concerning interior inspections and have been working on that a lot.
I’ve only gotten to the first subject but here’s what I’ve got so far:
Interior Inspections
The whole mortgage inspection business is really rather serious work. Most of us are lulled to sleep by the routine of checking the same old houses for the umpteenth time. If you’re lucky you will stay bored with the business for a very long time. You do need to know, though, that all of our work comes about because a Cabinet Department of the federal government, The Department of Housing and Urban Development, or HUD, mandates certain rules that lenders of mortgage monies must abide by.
I’d like you to see a few web links and learn a little background info on HUD. After you have read the info at these links you will find it much easier to recognize the responsibility you have doing mortgage field inspections. Start at wikipedia and follow the nine links listed.
You and I are at the bottom of the heap. HUD contracts with what they call M&Ms, who in turn contract with large mortgage servicing companies, who in turn put us to work in the field. I want you to know all of this so you will realize you need the knowledge and you need the proof. When things start getting ugly, say during a Mortgagee Neglect Review, you may be deeply involved.I have found the best way to feel I have done a good job is to picture myself as a witness. My inspection is preparation for my testimony. So with that all said, let’s look at some questions you will see on an interior inspection form:
Is The Property Damaged?
I leave no leaf unturned so to speak. My method is probably more work than what is normal and I know it causes me more work because of the pictures and the narratives. Nitpick the house coming and going. Pretend you are thinking about buying the house and you want as many negatives as possible to throw at the seller as possible.
“Just a little scratch? Hardly! The whole thing will have to be redone!”
Depending on the condition of the property, I have on occasion sketched out a house, indicated damage and hazards, took pictures and supplied narratives to explain the pictures. The companies seldom want this much detail but I have it on file just in case.
One initial interior inspection to a property took over two hours. The damages went on and on. Vandalized plumbing, vandalized wiring, roof damage, rear door broken in, several windows broken and plenty of holes in the yard which I consider to be hazards.
I reported all damages, and continued to do so on every visit. I consistently recommended protective measures which were finally put in place after additional vandalism occurred.
Then a considerable sum was spent fixing the house up. It still had some serious issues but it looked much better and would probably have sold at a much better price than before.
On my next inspection, the back door had once again been kicked in and a bedroom had been burned. Fire damage to the room and smoke damage down the hallway. I took pictures, did the narratives, and recommended the back door be boarded. Not redone but boarded.
More money was spent and the house again was much better but the back door was not boarded.
It’s been months and still no boarded back door. I am beginning to wonder myself if it is really worth it. Of course it is not my decision to make but it is my job to report what I see every time. On my last inspection I reported all the old damages and now the house was full of mud. I really don’t know how they could have done that – after all, there is no running water and no plumbing left.