Average condition?

[PropertyEconomics]

I rarely use it, dislike it as much as the term mentor. However, it was funny courtesy of Bobby Bucks, but my favorite line of his was:

This so-called profession is just one more gadget away on our tool belt from being a vocation.

Unfortunately Bobby Bucks did not have the forsight to see that the true word is VACATION ... cause thats what we will all be on here in the coming months.

I personally dont think the word is celibate .. i think its CELEBRATE ... but thats another story all together ... .

 

[TC]

I personally dont think the word is celibate .. i think its CELEBRATE ... but thats another story all together ... .

I'm missing something.

 

[PropertyEconomics]

I'm missing something.

Nahhh just a break from the anonymous posts that happen here from time to time. Nothing major .. go back to sleep and rest well my friend.

 

[NC Appraising]

Greg Boyd, you da man.

I forgot where I saw that, or where it came from, and I could be wrong, but doesn't Fannie Mae or FHA hint at using the M&S or some other data source for determining how to rate the property?

Can anyone come up with a written Guideline or Mortage Letter or anything from Fannie Mae or FHA that states this, or what average, good, or fair actually means?

 

[Jason Barber]

The FHA guidelines are just that, guidelines.

WRONG. There are no such thing as FHA guidelines. Handbook 4150.2 Appendix D are not guidelines, they are REQUIRMENTS... and I'm beginning to doubt you've ever read them.

 

[Bob Ipock]

http://www.content.HUD.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/41502tocHSGH.doc


M & S....yes, referenced by HUD/FHA

 

[PropertyEconomics]

WRONG. There are no such thing as FHA guidelines. Handbook 4150.2 Appendix D are not guidelines, they are REQUIRMENTS... and I'm beginning to doubt you've ever read them.

To no one in particular .... but this is the reason only qualified appraisers should be allowed to appraise for FHA. I personally think the test should be as hard as the certification exam ... over the past several days and weeks we have learned exactly what is on the line ... and its far too important to place in the hands of those that have no idea what they are doing or are not willing to study and pass a test to do so. This would also solve the licensed / certified issue ... I think you should have to be FHA certified and make it a rider on your license just as Allowed to Perform Appraisals for Federally Related Transactions use to be.

 

[Jodie Argubright]

JB~

Please show me where in the FHA handbook where it prohibits someone from using the term Avg-/below average to describe surface areas. However, please refrain from any professional jabs, as you have not a bit of knowledge of me or my experience. I believe that one of the great aspects to this forum is that you should be able to comment and gain knowledge without being berated by a complete stranger. Or maybe that is why you are here....in that case, have some class.

 

[Jodie Argubright]

JB~

"These guidelines are provided to assist in the examination of the property. "

"An inspection done in accordance with these guidelines is visual and is not technically exhaustive."

"These guidelines are applicable to buildings with four or less dwellings units and their related property improvements."

"FHA guidelines require that a site be rejected if the property being appraised is subject to hazards..."

These are just a small sample of quotes from the FHA Handbook. Maybe YOU need to catch up on YOUR reading...

 

[Jason Barber]

Taken directly from Appendix D of Handbook 4150.2

FHA RESIDENTIAL APPRAISAL REQUIREMENTS

This section provides specific instructions for completing appraisal report forms. The appraisal reporting form to be used will depend on the property type that is being appraised. The appraiser must select the appropriate appraisal form for reporting an FHA appraisal from the following:

1. Uniform Residential Appraisal Report (Fannie Mae Form 1004 March 2005) – Required to report an appraisal of a one-unit property or a one-unit property with an accessory unit.
2. Manufactured Home Appraisal Report (Fannie Mae Form 1004C March 2005) – Required to report an appraisal of a one-unit manufactured home.
3. Individual Condominium Unit Appraisal Report (Fannie Mae Form 1073 March 2005) – Required to report an appraisal of a unit in a condominium project or a condominium unit in a planned unit development (PUD).
4. Small Residential Income Property Appraisal Report (Fannie Mae Form 1025) – Required to report an appraisal of a two- to four-unit property.

I don't want to turn this into a battle of semantics. The guidelines you refer to are located within the FHA requirements and give circumstantial advise on conditions of the reporting process... mainly inspection guidelines and net and gross adjustment guidelines. If you honestly don't understand the difference then maybe this is all for not. The handbook is not a guideline, it's a requirement.

FHA published these requirements for all approved appraisers on their roster to adhere to. Your reports should conform to the requirements set forth in 4150.2 Appendix D.

Exterior Materials/Condition
Enter the types of Materials and rate the observed Condition of the Materials (Good, Average, Fair, and Poor). Make every effort to describe accurately and explain in detail “Fair” and “Poor” ratings and whether or not the item(s) described require repair, replacement or further inspection. The rating must relate to the habitability of the house given local standards (Photo documentation of property condition is always advisable).

Tell me where it says to rate the condition "Avg-" or "Avg+" or "Avg+->$#". I'm having trouble understanding your argument. This is not a guideline... it's a REQUIREMENT. In my opinion "Avg-" was probably started by some Skippy who was trying to avoid using the correct rating of "Fair" so in their mind they wouldn't have to describe in further detail the condition of the property.

Why is it so hard to follow the stated FHA requirements?... I have nothing else to say on this issue.