OOS Appraisal with tenant?

[Rocco Swinney]

Hi All

I am trying to do a cashout refinance on a property and was looking for a drive by appraisal. All of the places i called said that is not possible according to fannie/freddie... unless somehow the system generated a waiver, which is rare

I live oos and use a pm company. I am concerned about the tenant and appraiser communicating/agreeing on a day/time and the tenant not wanting a person in their home with covid. The tenant is great - has lived there awhile and pays on time. I dont not know them with having a pm company, but assume they wouldnt be thrilled about this.

Any suggestions on how you would handle? I was thinking of giving the tenant a $100 credit for the month since they are taking time with the appraiser (especially during covid). how have you typically handled oos appraisals with a tenant living there

thanks

[Matt Ziegler]

Why not have the appraiser contact the tenant directly and set up a time to walk through?

This shouldn't take more that 30 minutes and the appraiser can follow the COVID protocol, mask/gloves etc.

We did one recently and had no issue. Although it was in our local area, but I met the appraiser and gave him access to the property while the tenant was working. With the tenants knowledge of course.

 Has your tenant already stated that they have an problem with this? perhaps they will just agree to let the appraiser have access and move on.

Good luck