Freddie Mac Inspections
Posted on | November 8, 2007 | No Comments
Once again I got a little side tracked but I will continue the Interior Inspection material tomorrow.
I had a couple of calls today about the information I posted yesterday. There were a couple of questions about Freddie Mac so I pulled this from the manual to share with you.
The Federal Home Loan Mortgage Corporation, also called Freddie Mac, is a government sponsored enterprise, or GSE. Freddie Mac is a stockholder-owned corporation authorized to make loans and loan guarantees. It is not backed or funded by the US Government.
The FHLMC was created in 1970 to expand the secondary market for mortgages.  Along with other government sponsored enterprises (GSE). Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage backed securities to investors on the open market.
Freddie Mac risks 100% of the investment in properties and because of this they want an accurate and detailed inspection of the property.
The field rep is responsible for calling the contact supplied and scheduling an appointment to inspect the property. Be sure to let the company that sent you the inspection request know the appointment date and time.At the site, the rep will ask the manager of the property to supply a certified rent roll from the property. Certification of the rent roll means the manager certifies it is correct and signs and dates the rent roll at the time of the inspection.
You will normally have specific instructions to inspect a percentage of the vacant units, occupied units and down units.  The manager will have received a copy of the requirements prior to your arrival and is responsible for arranging for you to get into occupied units. You will be accompanied by the manger or someone appointed by the manager to assist you.You will need to take many pictures and instructions for the pictures will be included in your paperwork. Twenty or more photos are the norm in addition to pictures of all deferred maintenance. You may also be asked to write a short narrative about the deferred maintenance and describe your pictures. You will probably be given information that will help you report a figure for the cost to repair the deferred maintenance items.
Freddie Mac requires that you submit your inspection within 24 hours if you observe any life or safety hazards.Detailed market information is also required, and you will be provided with the forms and instructions to do this. You will be asked to comment on the rental market overview and neighborhood characteristics and speak with the property management about the property’s competition.  It is also common for the rep to be asked to comment on adjacent properties and businesses.
The fee type for Freddie Mac inspections is around $75 and fees are negotiable for very large properties.
I had a pretty good day with forty-three occupancy inspections and one sale date inspection. (43•6.50) + (1•10)
Comments
Leave a Reply
Meta
Pages
Polls
Loading ...Content Categories
Digital Field Services, LLC
Recent Comments
Polls
Loading ...