203k Refi Appraisal

[Richard kaplan]

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.

Thanks, I have been trying, with no success which seems pathetic..

 

[bnmappraisal]

I definitely agree with MANY that have posted before me and

Although you have already been told (and more than once),

I will add "by some respected appraisers from across the country" ...

your real issue is with the lender.

Thanks, I have been trying, with no success which seems pathetic..

Try to keep on them
or your other option ...
find a different lender (maybe one who knows/deals more with 203k loans?! )

Good luck to you

 

[Richard kaplan]

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.

Thanks, I have been trying, with no success which seems pathetic..

I definitely agree with MANY that have posted before me and

I will add "by some respected appraisers from across the country" ...



Try to keep on them
or your other option ...
find a different lender (maybe one who knows/deals more with 203k loans?! )

Good luck to you

Sadly this is the truth, 4 months now since I started, I finally meet ALL conditions in conditional approval and they changed there mind on being able to use the as is value in the appraisal. Making me have to bring 2.5 percent to cash to the table... just stinks bc I am clearly compliant on all things, and now this so dumb!

 

[glenn walker]

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.

Look there are some hills just not worth dying on ! ** Personally I would get the $3K close the deal and be done. A month or two down the road who knows whats going to happen. These rates my not last forever and it could start raining any day now : ) LOL

 

[Richard kaplan]

Look there are some hills just not worth dying on ! ** Personally I would get the $3K close the deal and be done. A month or two down the road who knows whats going to happen. These rates my not last forever and it could start raining any day now : ) LOL

I would if it was the correct thing to do, I have 4 kids.. 3k isnt chump change in my world, and if I can pay an extra 15 dollars a months instead. I will, especially since I am asking for my loan and appraisal to be handled correctly, which I think is responsible!

 

[Mr Rex]

MR REX This is a 203K repair loan- It won't meet minimum Property Standards until after the owner or purchaser has the work completed

Epic fail. Not necessarily. 203k is a renovation loan, not necessarily a "repair" loan.

 

[Richard kaplan]

I would if it was the correct thing to do, I have 4 kids.. 3k isnt chump change in my world, and if I can pay an extra 15 dollars a months instead. I will, especially since I am asking for my loan and appraisal to be handled correctly, which I think is responsible!

reasonable *

 

[Mr Rex]

Doesn't

The lender wants me to bring 3k because they will not accept his As is value bc it was not done on a separate appraisal, and sadly the FHA/HUD handbook states it should have been done separately

You are using an old version of the handbook. Only if the lender requires 2 separate reports are 2 separate reports required. Any appraiser familiar with 203k would ask this specific question before accepting the assignment.

 

[bnmappraisal]

I would if it was the correct thing to do, I have 4 kids.. 3k isnt chump change in my world, and if I can pay an extra 15 dollars a months instead. I will, especially since I am asking for my loan and appraisal to be handled correctly, which I think is responsible!

(my bold) You may be answering your own question here

 

[TJSum]

You are using an old version of the handbook. Only if the lender requires 2 separate reports are 2 separate reports required. Any appraiser familiar with 203k would ask this specific question before accepting the assignment.

The last 203K (streamline purchase) I did the Client stated they only wanted one report with only the "subject to" value stated.

Sorry if I missed it but did the original poster state whether this was a 203-K or 203-K streamline loan?