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  #1  
Old 10-18-2008, 05:28 PM
mutigerfan mutigerfan is offline
 
Join Date: Feb 2008
Location: Kansas City - MO - Northland
State: Missouri
Professional Status: Certified Residential Appraiser
Posts: 184
Default FHA 203k - One report or two

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.
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Old 10-18-2008, 08:42 PM
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RSW RSW is offline
 
Join Date: Feb 2002
State: Tennessee
Professional Status: Certified Residential Appraiser
Posts: 7,794
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It can be done both ways.
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  #3  
Old 10-20-2008, 01:44 PM
Mike Boyd Mike Boyd is offline
 
Join Date: Jan 2002
Location: Santa Rosa, CA
State: California
Professional Status: Retired Appraiser
Posts: 11,822
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Lender's choice. At a minimum, subject to completion per plans, specifications and FHA consultant's plan.
  #4  
Old 10-30-2008, 02:33 PM
David Wahlquist David Wahlquist is offline
 
Join Date: Dec 2003
State: California
Professional Status: Certified Residential Appraiser
Posts: 4
Default 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  
Old 10-30-2008, 02:44 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
Join Date: Jan 2006
Location: Poway / San Diego
State: California
Professional Status: Certified Residential Appraiser
Posts: 4,785
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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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