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203 (k) protocol.

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Charley Horse

Junior Member
Joined
Aug 28, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
Is not the correct 203 (k) protocol that the appraiser be provided a "work-order"/cost estimate of repairs to be made to subject (in order to meet FHA MPS) by an approved 203 (k) consultant prior to completing the appraisal... OR, can the appraisal be done prior to the appraiser being provided such a document? Note: this is not a streamline 203 (k), rather a full 203 (k) assignment.

Any insights/comments are appreciated.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I've done numerous 203K appraisals over the years and I always was provided with the consultant's report. If you don't have one, how can you be sure what work is going to be completed and by whom?
 

Charley Horse

Junior Member
Joined
Aug 28, 2004
Professional Status
Certified Residential Appraiser
State
Michigan
I was provided a work order/cost estimate, but it was not completed by a FHA approved 203 (k) consultant and upon viewing the subject, it was apparent it didn't address all the repair issues & lacked integrity (IMO). Given this is not a streamline 203 (k) and my discussion w/Philadelphia HOC, it's my "impression" that I should be provided a report from an approved 203K consultant before proceeding w/assignment.

I just wanted to confirm my understanding of correct protocol... OR, can I proceed w/assignment and note issues not addressed in original work order/cost estimate completed by a contractor (who happens to be the borrower as well)?
 
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