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  #1  
Old 06-25-2009, 03:57 PM
approvednorth approvednorth is offline
 
Join Date: May 2009
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Default Log Home Construction (FHA loan)

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.
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Old 06-25-2009, 04:17 PM
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Pilgrum Pilgrum is offline
 
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"support value"?
  #3  
Old 06-25-2009, 04:23 PM
approvednorth approvednorth is offline
 
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Default 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  
Old 06-25-2009, 04:27 PM
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Green Hornet Green Hornet is offline
 
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Quote:
Originally Posted by approvednorth View Post
Yes, I can support value. The property is in a rural area, simlar log home sales and listings are within 10 miles.
Thanks
What Value? Your opinion of value is the only one that matters and you have not yet completed the appraisal.
  #5  
Old 06-25-2009, 04:33 PM
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Pilgrum Pilgrum is offline
 
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Quote:
Originally Posted by approvednorth View Post
Yes, I can support value. The property is in a rural area, simlar log home sales and listings are within 10 miles.
Thanks
So. You are supporting the value the lender needs? Or some other predetermined value?
I think you should attend a USPAP class.
  #6  
Old 06-25-2009, 04:43 PM
BRCJR BRCJR is offline
 
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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  
Old 06-25-2009, 05:17 PM
nstanbru nstanbru is offline
 
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Quote:
Originally Posted by approvednorth View Post
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.
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  
Old 06-25-2009, 10:02 PM
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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.
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  #9  
Old 06-26-2009, 12:28 AM
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Michigan CG Michigan CG is offline
 
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Quote:
Originally Posted by Pilgrum View Post
"support value"?
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.

Quote:
What Value? Your opinion of value is the only one that matters and you have not yet completed the appraisal.
Quote:
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.
Quote:
So. You are supporting the value the lender needs? Or some other predetermined value?
I think you should attend a USPAP class.
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.
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  #10  
Old 06-26-2009, 12:40 AM
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Farm Gal Farm Gal is offline
 
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State: Nebraska
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Exclamation

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.

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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