A recent report in a multi family newsletter commented on lenders and insurance companies forcing maintenance on units that are slipping into disrepair. Things like railings, roofing, and parking lot maintenance were specifically mentioned. These type of repairs have often been required when an owner refinances, but the recent foreclosure rates have focused much more attention on annual lender inspections. The article also commented about lenders on refinance asking for the economic life of components of the buildings. For example if the windows are old single pane windows, they may need to be upgraded before financing or refinancing can be complete. I wonder how long it will be before these type of repairs are also forced on single family owners. These types of issues often have a tendency to become industry standards.
This came from a Kidder Mathews multi-family report found on line.
Scenes of the area
Subscribe To Willow Blog
Posts
Comments
About Me
- John Parker
- I have a BA degree from Alaska Pacific University in History with a minor in education. I taught high school history for 5 years, including 3 years in Western Alaska in a small village named Dillingham. I have been managing homes since 1973. I am currently the broker/owner of Willow Properties. I am a member of the National Association of Residential Property managers (NARPM). I hold a Master Property Manager designation. I am chair of NARPM's Governmental Affairs Committee. I have been involved in Washington Rental Housing Industry Coalition for several years. I have testified before the State legislature on rental issues.
0 comments:
Post a Comment