203k Refi Appraisal

[J Grant]

Where in the handbook does it say "separate" appraisals using the specific word separate? It says perform 2 appraisals.

In any event, by providing two different value opinions, they automatically are 2 "Separate " appraisals (USPAP, appraisal bible ),

It;s just that the 2 "separate" appraisal value opinions are packaged in one written report..which is the format the lender wants it in. At one time back in the past borrowers did not get copies of the appraisal because the appraisal for lending purpose is done for the lender as client, not the borrower as an intended user...even though the borrower may pay for it. I can understand some confusion therefore on borrower part what the heck is this thing I paid for

 

[J Grant]

Where in the handbook does it say "separate" appraisals using the specific word separate? It says perform 2 appraisals.

In any event, by providing two different value opinions, they automatically are 2 "Separate " appraisals (USPAP, appraisal bible ),

It;s just that the 2 "separate" appraisal value opinions are packaged in one written report..which is the format the lender wants it in. At one time back in the past borrowers did not get copies of the appraisal because the appraisal for lending purpose is done for the lender as client, not the borrower as an intended user...even though you (borrower) typically pays for the appraisal. I can understand some confusion therefore on borrower part what the heck is this thing I paid for

 

[Richard kaplan]

Where in the handbook does it say "separate" appraisals using the specific word separate? It says perform 2 appraisals.

In any event, by providing two different value opinions, they automatically are 2 "Separate " appraisals (USPAP, appraisal bible ),

It;s just that the 2 "separate" appraisal value opinions are packaged in one written report..which is the format the lender wants it in. At one time back in the past borrowers did not get copies of the appraisal because the appraisal for lending purpose is done for the lender as client, not the borrower as an intended user...even though the borrower may pay for it. I can understand some confusion therefore on borrower part what the heck is this thing I paid for

section 2-2 clearly states 2 separate appraisals

 

[J Grant]

section 2-2 clearly states 2 separate appraisals

Two different value opinions means there are two "separate " appraisals...they just are in a one report format in the 203k report. .

 

[Richard kaplan]

Two different value opinions means there are two "separate " appraisals...they just are in a one report format in the 203k report. .

Section 2-2 does not read two different value opinions, it reads.
2-2
Required appraisals. In order to determine the maximum mortgage amount, valuation analysis consists of two separate appraisals, to be recorded on two separate appraisals (uniform residential appraisal report) packages.

 

[glenn walker]

If that is the case ALL 203K loans like this need to bring 2.5 percent cash to close?[/QUOTE
No that is not correct - I don't understand why you think each borrowers file would be the same. Unless this particular lender is hitting you with excessive fee's there is something on your estimated closing cost that would indicate why you are short ? it could be anything a lager

According to HUD 4240.4
(3-2.F.) section G
appraisers responsibilities
Preform 2 appraisals
1) An as is Appraisal and
2) An after rehab appraisal.
He did not do his job correctly bc I only have 1 of those, if he did I would have zero problems... My question was what to do about his incomplete work.. if you say he doesn't need to do what the FHA requires please provide Documents. Sorry for being a pain, if not is my only option haveing the lender order a whole new appraisal?

I have no idea what your agenda is but I do know if you really need a roof and you are living in Florida you better get moving. Most folk's don't have flood insurance and your BBB homeowners most likely isn't going to cover you. Also what are you going to do if another appraiser brings the value in lower or calls out other repair issues ?

 

[Richard kaplan]

Look I have no idea what your agenda is but whats is concerning is you say you are just a borrower or a person from the public. If so fine but if you want to make a federal case over HUD G

Look I have no idea what your agenda is but whats is concerning is you say you are just a borrower or a person from the public. If so fine but if you want to make a federal case over HUD G

My agenda is to have the documentation correctly done to satisfy all requirements of FHA and HUD, I reimbursed the lender for a 203k appraisal, that appraisal is used to determine max loan availability, the lender called FAH to see if they could use as is appraisal value that was done in the subject to appraisal.. FHA said No, and they needed BOTH appraisals... I did everything correctly as the borrower, the case isn't against HUD it's against the appraisal being done incorrectly (even if all of you do it that way normally and UW doesn't care normally) Appraiser are govenerned by someone, and are required to do there job according to certain rules and regulations. Unfortunately in my case, UW sucks and is nitpicking the rule, which clearly states I need 2 separate appraisals. I came here to ask what agencie or Document I can use to assist in this issue, and everyone says I am wrong, but I did rnot write this stupid handbook, noor do I care, how it gets done, but it should be done in accordance to the rules, clearly you guys all think I am incorrect but unfortunately no one can show me via legal statue why one single report is acceptable.. which I wish you could, it would make life much easier.

 

[TJSum]

Oh my word, YES, but what you don't get is the handbook clearly states they need to be two separate reports.. I understand that all lenders accept this normally, but according to the handbook it is two SEPARATE reports..

I do get it, it clearly states in section 2-2 that it requires 2 separate appraisals for the 203k loan, I guess I am just an idiot bc the handbook is so stupid, I mean how in Gods name does the handbook state clear as day, it requires 2 separate appraisals, and EVERYONE is saying I am wrong? how do I argue with the rules.

You are confusing the word appraisals with reports. They are two separate things. Two appraisals can be submitted within one report. The guidelines you have posted state appraisals, not appraisal reports. So yes, two appraisals can be shown within one report.

 

[Richard kaplan]

You are confusing the word appraisals with reports. They are two separate things. Two appraisals can be submitted within one report. The guidelines you have posted state appraisals, not appraisal reports. So yes, two appraisals can be shown within one report.

Can you please just give me the section/documentation that says this, please

 

[Howard Klahr]

it's against the appraisal being done incorrectly (even if all of you do it that way normally and UW doesn't care normally)

Although you have already been told (and more than once), your real issue is with the lender. If the lender has an issue with the appraisal, it is the lender that must address it with the appraiser. You should focus your efforts on having the lender get whatever it is that they feel they need from the appraiser. Afterall it is the lender that is the appraisers client.

Best of luck.