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FHA 203k - One report or two

Discussion in 'FHA/HUD and VA' started by mutigerfan, Oct 18, 2008.

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  1. mutigerfan

    mutigerfan Sophomore Member

    0
    Feb 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Missouri
    Like everyone else, I am thinking of expanding my appaisal capabilities to cover more complex assignments.

    I have seen 203K reports with "hypothetical-as-repaired" as the report & comps with "as-is" comps as additional comps and have seen others complete the assignment as two completly different reports.

    What are you guys suggesting in todays climent?

    Thanks in advance.
     
  2. RSW

    RSW Elite Member

    17
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    It can be done both ways.
     
  3. Mike Boyd

    Mike Boyd Elite Member

    0
    Jan 18, 2002
    Professional Status:
    Retired Appraiser
    State:
    California
    Lender's choice. At a minimum, subject to completion per plans, specifications and FHA consultant's plan.
     
  4. David Wahlquist

    David Wahlquist New Member

    0
    Dec 15, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    streamline 203(k)

    What about a streamline 203(k)? I'm getting indications that this only requires one report, but I'm having a difficult time determining what I'm to focus on.

    In reading through HUD documents I thought I understood that I was coming up with an "after-improved" value, with all the contractor information and quotes on what is to be done included (subject to completion per proposed repairs and improvements).

    But I have a client telling me that I am appraising "as is", but including the "after-improved" discussion and value within the report.

    What is your understanding?
     
  5. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    The 203K Streamline appraisal should be "subject to" only. I would check with the client to make sure, and if they want two values, then that's better for you.
     
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