203K question.

Discussion in 'General Appraisal Discussion' started by Elliott, Oct 13, 2010.

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  1. Elliott

    Elliott Elite Member

    5
    Apr 23, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Oregon
    What appraised value(s) are being sought when you are doing an existing home with a framed addition (400 sf) and remodeling of kitchen and bath that has a contractor's bid of $60k to complete?

    Is it an 'as is' value or 'as complete' or both?
     
  2. Marion Rhodes

    Marion Rhodes Elite Member

    20
    Feb 26, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Pennsylvania
    For FHA, as completed, using Extraordinary Assumptions and Hypothtical conditions as needed. The lender may additonally want an AS is value.
     
  3. Mountain Man

    Mountain Man Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    As completed. FHA already has an As Is appraisal in file from when they took the property into inventory.
     
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