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Log Home Construction (FHA loan)

Discussion in 'FHA/HUD and VA' started by approvednorth, Jun 25, 2009.

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  1. approvednorth

    approvednorth New Member

    0
    May 18, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I have a client who wants to do a FHA loan on a Log home constructed property. I have researched the market area and have found comparable Log home sales and listings which will support value. Are there any problems within the FHA loan process that can arise form this type of construction.
     
  2. Pilgrum

    Pilgrum Senior Member

    20
    Mar 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    "support value"?
     
  3. approvednorth

    approvednorth New Member

    0
    May 18, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Log Home

    Yes, I can support value. The property is in a rural area, simlar log home sales and listings are within 10 miles.
    Thanks
     
  4. Green Hornet

    Green Hornet Senior Member

    0
    Dec 29, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    What Value? Your opinion of value is the only one that matters and you have not yet completed the appraisal.
     
  5. Pilgrum

    Pilgrum Senior Member

    20
    Mar 6, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    So. You are supporting the value the lender needs? Or some other predetermined value?
    I think you should attend a USPAP class.
     
  6. BRCJR

    BRCJR Senior Member

    8
    Sep 20, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    FHA is getting what they wanted by their decision to go certified and not test for panel approval.

    But, they are weeding out appraisers and lenders, so I guess it is a matter of time and things will clear themselves up.
     
  7. nstanbru

    nstanbru Member

    2
    Feb 19, 2009
    Professional Status:
    Certified General Appraiser
    State:
    California
    I'm curious too. Your statement about value is unclear. By "support value" do you mean you have enough data to support an unknown value opinion which will be determined after the appraisal process?
     
  8. RSW

    RSW Elite Member

    24
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I believe the OP meant he/she had comps to support an appraised value and not a pre-determined value. You all read too much into a post and are too fast to jump on someone.

    And the question was, will FHA insure a loan on a log home. The answer is, yes they could.
     
  9. Michigan CG

    Michigan CG Moderator Staff Member Moderator

    159
    Nov 1, 2006
    Professional Status:
    Certified General Appraiser
    State:
    Michigan
    OK....it is a term....an inference to a value that is needed for the client, but there are some that are very quick to judge here.

    The average appraisal shop has less than two people in it.....the average appraiser had one mentor, that mentor may have been good or bad, or maybe just used terms that are not acceptable to some people.

    So, we have a new member of the forum asking a question and the negative comments come out immediately. Maybe this is a time to ask the OP to clarify what they mean. Maybe this is a time to embrace a new member of the forum and help them with their career. There are some posters who can be...um...rigid....a couple ducks come to mind, but at least they clarify, give advice and quote sources.

    The last time I checked no one was born an appraiser, and we all have things to learn. It seems that most very infrequent posters are having to put in a disclaimer that says "Please don't jump on me".

    This forum is supposed to be a way to improve the profession, through interaction, ideas, advice and professionalism, not a place for people to act high and mighty.

    I made value (supported value) Wednesday....I knew what they needed.....attack away....I also missed value on the three previous appraisals by an average of $80,000 also knowing what they needed for the same client.

    There are countless people on this forum who say they have learned more here than from any other source. Unfortunately, from the ones I know, they don't post because of the attacks.

    Are you part of the solution, part of the professionals who try to help or are you quick to judge and chase away a potential active member who can learn from the forum as a whole and also contribute to the forum and the profession.

    Pardon me while I send in a report that supports a value.
     
  10. Farm Gal

    Farm Gal Elite Member

    0
    Jan 14, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Nebraska
    :clapping: Ditto what Tim said.

    To those whom he quoted (aside from the original poster) kindly consider yourselves gently chastened. I'd also request that you consider the error of your ways. :nono:

    be nice
    ~~~~~~~~~~
    ApprovedNorth: aside from definitely calling for a termite inspection, I know of no specific FHA log home issues of concern under the New FHA regs. Local offices sometimes used to have specific requirements, I believe those are all rescinded despite some of them being quite reasonable concerns in specific localities.

    The issue I'd look closely at would be the things always of concern for log home appraisals: window leaks, visual inspction for construction and design flaws, insulation issues and of course termites.
     
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