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Old 06-15-2009, 03:57 PM
Code Jennings's Avatar
Code Jennings Code Jennings is offline
 
Join Date: Apr 2007
State: Arizona
Professional Status: Appraiser Trainee
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Default USDA Verbage

This isn't a urgent matter bur merely a question I have regarding a recent request I had.

I completed an USDA appraisal about four months ago. The loan as closed and I have been paid. I recently received an email from the lender requesting "additional USDA verbage to be added to the appraisal." I have never had this request before since all of my statements in my previous USDA appraisals have always sufficed. Now all of a sudden this? With the loan having already closed? Sounds fishy to me.

Basically they are requesting "certifications" regarding the structural integrity, electrical system and heating/cooling system of the property. Again, all of my standard comments regarding these areas have always been just fine. I know they want and require very specific verbage regarding these areas but I'm not willing to "certify" anything. And, to top it all off, this home was not a purchase so a home inspection was not performed. What do you all think?
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Old 06-15-2009, 04:08 PM
Webbed Feet's Avatar
Webbed Feet Webbed Feet is offline
 
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Location: City of Free Speech
State: Other Non-US
Professional Status: Certified Residential Appraiser
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Default

Quote:
Originally Posted by Code Jennings View Post
This isn't a urgent matter bur merely a question I have regarding a recent request I had.

I completed an USDA appraisal about four months ago. The loan as closed and I have been paid. I recently received an email from the lender requesting "additional USDA verbage to be added to the appraisal." I have never had this request before since all of my statements in my previous USDA appraisals have always sufficed. Now all of a sudden this? With the loan having already closed? Sounds fishy to me.

Basically they are requesting "certifications" regarding the structural integrity, electrical system and heating/cooling system of the property. Again, all of my standard comments regarding these areas have always been just fine. I know they want and require very specific verbage regarding these areas but I'm not willing to "certify" anything. And, to top it all off, this home was not a purchase so a home inspection was not performed. What do you all think?
I think they need to forward the proven USDA documents that require such certifications to you with an independent link to the USDA web site that mirrors the information. Oh, and it's "verbiage" with an "i."

P.S.. and I think I would refuse to "certify" something that was not a disclosed requirement of the agreed assignment four months ago. If I had been properly notified of such structual elements needing "certification" I would have bid the job at the $2,500 needed to obtain the outside expert inspections for such certifications.
  #3  
Old 06-15-2009, 05:21 PM
Walter Kirk Walter Kirk is offline
 
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Location: Audubon, N.J.
State: New Jersey
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Your appraisal was completed and accepted by the lender and presumably by the USDA. The loan was approved, funded and closed based, in part, upon the appraisal report that you submitted. There is no way that you can properly or should make any changes to that report.
  #4  
Old 06-15-2009, 05:23 PM
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JSmith43 JSmith43 is offline
 
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State: California
Professional Status: Certified General Appraiser
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Default

You can always certify that you didn't observe something.

Is this an RDA loan? The appraisal is allegedly a conventional appraisal, but they want it to be done by someone on the FHA approved list. They want same minimum property standards as FHA regarding Safety, Security and Soundness??? Is that the 3 s's? The RDA presentation I recently attended didn't cover special certification language, just what I am summarizing in this post (in my own words). It was USDA RDA employees that told me these things. Maybe a MN flavor though.

Call a roof that leaks or is about to leak, call leaded paint, call bare wires, etc.

Call bubbling sewage in the yard from a septic system

Describe other potential issues and let the UW take a swing at it.

I await anxiously for the certification language that is required.

Check the www.rurdev.usda.gov I am just starting to do these type of loans and haven't run into this issue with our appraisers. Please post back.
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Old 06-15-2009, 05:31 PM
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JSmith43 JSmith43 is offline
 
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Quote:
Originally Posted by Walter Kirk View Post
Your appraisal was completed and accepted by the lender and presumably by the USDA. The loan was approved, funded and closed based, in part, upon the appraisal report that you submitted. There is no way that you can properly or should make any changes to that report.
There may be a problem getting the RDA guarantee, which is issued after closing. It is possible that simple clarification language is all that is needed. Call it a new assignment, whatever. Bill them. No one wants a portfolio loan, especially, if it is funded by a warehouse LOC

If they want the appraiser to say something contrary to fact, then no can do at any price.
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