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203ks

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SunbeltAppraisals

Thread Starter
Sophomore Member
Joined
Aug 29, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Can you give me some insight on the 203kS? I have done a 203k in a while and wanted to make sure Im up to date. Are there any resent changes? I have printed ML2005-50 & AppB.

Thanks for the help!!:)
 

Jason Barber

Junior Member
Joined
Feb 16, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
From HUD...

Appraisals

If the appraiser identifies repair conditions that were not noted in the work write-up, the appraiser should notify the lender.

An appraiser may not perform a dual role on the same 203(k) property. To prevent apparent conflict of interest an appraiser may not be a 203(k) consultant, or have a direct or indirect involvement on any property they appraise.

The appraisal will contain a statement on the report by the final value that the appraisal being performed is a 203(k) as improved per plans & specifications. A copy of the plans, specifications, work write-up and other conditions upon which the value was based must be part of the appraisal package.

In mixed use properties, commercial space is to be appraised as if it were residential. The lot value assigned should be for the residential use, not the commercial use.
 
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