Appraisal for HECM in Default

[Tom D]

I have never seen a lender, or service company, do any repairs to a REO. The few FHA pre forecloses that i did had to have a certain HUD definition of value. I don't remember the wording, but it was a little different.

REO appraisals are time consuming, way too much work for the pay.

 

[Bobby Bucks]

I have never seen a lender, or service company, do any repairs to a REO. The few FHA pre forecloses that i did had to have a certain HUD definition of value. I don't remember the wording, but it was a little different.

REO appraisals are time consuming, way too much work for the pay.

Fannie Mae will repair their REO properties and have a good system for the most part. I’ve never seen FHA make repairs other than to fix an extreme hazard. You’re right, REO fees are less, but they tend to order them when everything else is slow. With FHA there is a lot of duplication and some die a slow death.

 

[Dublin ohio]

I have never seen a lender, or service company, do any repairs to a REO. The few FHA pre forecloses that i did had to have a certain HUD definition of value. I don't remember the wording, but it was a little different.

REO appraisals are time consuming, way too much work for the pay.

Most of my experience with HUD reos was post foreclosure and those appraisal were always done as is as they were used for setting a list price. That was prior to the changing of appraiser qualifications to be on the roster. Those were some "interesting"properties at times

 

[Sadie]

I have never seen a lender, or service company, do any repairs to a REO. The few FHA pre forecloses that i did had to have a certain HUD definition of value. I don't remember the wording, but it was a little different.

REO appraisals are time consuming, way too much work for the pay.

Some do all the repairs and some do a complete rehab. It doesn't always pay, but sometimes it does.

 

[Mike Ault]

I have never seen a lender, or service company, do any repairs to a REO. The few FHA pre forecloses that i did had to have a certain HUD definition of value. I don't remember the wording, but it was a little different.

REO appraisals are time consuming, way too much work for the pay.

This is the HUD definition of value that they're looking for on those CWOT appraisals -

The purpose of this appraisal is to develop the as-is Market Value, which is a Mortgagees tool for calculating the Commissioners Adjusted Fair Market Value.