Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 12-17-2002, 01:41 PM
Dorrie Klatt Dorrie Klatt is offline
 
Join Date: Mar 2002
Location: Boyertown, PA
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 24
Default

Hello Everyone-

I will be doing my first 203K appraisal and am looking for any input and/or advice. I have been digging up everything I can find on the HUD website, but if someone has some real life experience on the steps that are involved with the 203k consultant, things to do and not to do and what exactly to include with the appraisal, I would very, very much appreciate it !!

Happy Holidays....

Dorrie
Sponsored Links

  #2  
Old 12-18-2002, 08:59 PM
Ted Martin Ted Martin is offline
 
Join Date: Jan 2002
Location: Topeka, KS, USA
State: Kansas
Professional Status: Certified General Appraiser
Posts: 1,826
Default

203Ks are really two appraisals. The first one is the easy one it's an "as - is" appraisal of the subject, warts and all.

The second one is pretty easy too, "subject to completion" based on the plans and specs which the consultant / borrower are to provide to you.
  #3  
Old 12-21-2002, 05:25 PM
Ben Vukicevich,SRA's Avatar
Ben Vukicevich,SRA Ben Vukicevich,SRA is offline
 
Join Date: Feb 2002
Location: Stratford, NJ
State: New Jersey
Professional Status: Certified General Appraiser
Posts: 4,305
Default

Dorrie,

I try not be be at the subject on a 203K when the FHA consultant is there, and the broker and the buyer, etc. They all get in the way.

Just go by yourself like you would on a typical FHA. Write up all your FHA MPS repairs as you typically would do. Then wait for the work proposal from the FHA consultant. Review it carefully, making sure the consultant has covered all your required repairs. Believe me, they miss stuff, especially smoke detectors which are required for FHA 203k's only (got me as to why, but they are and the consultants usually miss them) If you find any MPS repairs lacking on the work proposal, call the lender with your concerns and let them tell the consultant to revise the work proposal to include your additional repairs.

Once you have a work proposal that covers all of your concerns as to FHA MPS, value the subject as you would new construction. Check the subject to completion box and that's it . The consultant will do the inspections so you're off the hook.

Some lenders want "as-is" appraisals. Some don't. So ask ahead of time because it's more $$$ for you if they do.

Ben
  #4  
Old 12-22-2002, 10:31 AM
Wally Jones's Avatar
Wally Jones Wally Jones is offline
 
Join Date: Jan 2002
Location: Lakeland, Florida USA
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 1,722
Default

Dorrie,

Take lots of pictures. Try to get all the interior rooms and any special items you think might be noteworthy. Even if your client doesn't require all the photos, they can be a good reminder for you as you look at the consultant's report to make sure all the repair items have been covered.

Good luck.
  #5  
Old 12-22-2002, 04:54 PM
Dorrie Klatt Dorrie Klatt is offline
 
Join Date: Mar 2002
Location: Boyertown, PA
State: Pennsylvania
Professional Status: Certified Residential Appraiser
Posts: 24
Default

Hi Guys.....

As always, thanks for sending out alittle help. I hate to say no to something just because I've never done it before. So besides researching the heck out of it, I know I can always look to this forum for some help and guidance.

Thanks again and happy holidays to all !!

Dorrie
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 04:57 PM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93