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203K question.

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

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  1. Elliott

    Elliott Elite Member

    55
    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

    Top Poster Of the Month

    449
    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

    30
    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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