Posted by LadyGill/PA on 2/27/09 8:49pm
Msg #278998

Digital Photo's for Reverse Mortgage

I received my first request to take digital photo's of the home for a reverse mortgage. This isn't my first signing of course, but I want to ask that besides taking general photo's of the interior and exterior of the home, is there any specific areas I need to capture in particular? The SS indicated that this is only the initial application process and if the B's are approved I will receive the signing too.

Reply by Lee/AR on 2/27/09 8:55pm
Msg #278999

That's a new one. I'd think they'd be very specific as to what they want. Lacking that, I'd do the standard r.e. exterior & street shots, liv. rm., kitchen, family rm., maybe a bdrm. and call it a day.

Reply by MW/VA on 2/27/09 9:04pm
Msg #279001

Seem like an odd request. That would seem to be for the appraiser to do. I hope they are paying you a fee for the extra duties.

Reply by Claudine Osborne on 2/27/09 10:21pm
Msg #279010

All the RM I have done the appraiser has taken the photos. Odd request is right! Someone trying to save money? I hope you were paid extra?

Reply by PAW on 2/28/09 7:57am
Msg #279037

Not odd or uncommon at all

Frequently, a RM broker may ask for preliminary pictures to determine if the loan application should be pursued. Quite often, the preliminary photos will reveal a not-so-good value so money would need not be spent on a full blown appraisal. A "desktop" appraisal and prelim photos may save the applicant and broker/lender from incurring unnecessary expenses.

While I don't see this too often in RMs (except with a couple of brokers), I do see it frequently on commercial property loan applications where an appraisal can run into the thousands of dollars.

Reply by MW/VA on 2/28/09 8:45am
Msg #279048

Re: Not odd or uncommon at all

Thanks for the info Paul. We always learn so much from your knowledge/expertise.

Reply by Steven Pearce on 2/28/09 8:52am
Msg #279050

Title usually sends me a disposable camera

with a list of pics they want. I give it to the BO and let them take the pics. No problems so far.

Reply by Linda_H/FL on 2/27/09 10:27pm
Msg #279013

I had one scheduled for last week and part of the

instructions were to take some digital photos of the property. Ended up being canceled but sounded line the same scenario.

Reply by Linda_H/FL on 2/27/09 10:28pm
Msg #279014

Woops...."line" = "like"....sorry... n/m

Reply by LadyGill/PA on 2/27/09 11:11pm
Msg #279020

Re: Woops...."line" = "like"....sorry...

Thanks everyone, they are paying extra and I appreciate all of your responses. It isn't until Tuesday, 3/3/09. Have a wonderful weekend!

Reply by MistarellaFL on 2/28/09 6:23am
Msg #279033

Been asked to do that

for a RM on a mobile/manufactured home.