changing the date of appraisal HELP

[KBlackford]

I am brand new to the forum.. need to ask on an FHA appraisal , that closed today 08/04/08 the underwriter has asked me to change the date on the report to August 1, 2008, (original date of inspection was 7/16/08 and final inspection date was 7/24/08) because 08/01/08 was when I was assigned in FHA Connection, I am I crazy or is this weird ? thanks

 

[ZZGAMAZZ]

Numerous recent threads have addressed this issue, and include reference to the specifics standards that prove you aren't crazy. Do a "search" in the HUD/FHA section and you'll find numerous threads.

 

[Elliott]

Perhaps the wacky UW wants a 'prospective' date of August 1, 2008. You
could ask him if that's what he meant? Then you have to develop an
analysis of what market trends you would expect from your inspection
date to the future date. Tell him that is an unusual request, and it typically
adds about $100 to the fee and it might be a good idea for him to check
with FHA if they would accept a 'prospective date' appraisal, since they tend
to like things simple and direct.

Or you just say, "No, inspection date is my 'as of' date, I don't change it."

 

[The Sheriff]

Well... where were you on August 1st, 2008? If you said drinking Budweiser by the pool watching the Rockies play, that's probably what you'll want to tell your underwriter. What happens if "said improvements" burned down on 7/31/2008. I'd say you might be in a pickle. Stick to the watching ball game defense! Oh yeah... my Nationals slaughtered your Rockies tonight!

 

[timd354]

Inform the underwriter that you won't be changing anything unless she can show you the current FHA guideline that states that the appraisal inspection cannot be done until after the FHA case number is assigned (there is no such guideline). Tell her, in any case, if you are going to change the effective date of the appraisal, you will have to do a new inspection and charge an additional fee. That should make her go away.

 

[liberated]

If a FHA case number is not assigned to the appraisal, I always make the appraisal "subjct to" attachment of FHA case number to the appraisal report. NO, I would not change the inspection date/effective date.

 

[CURT VAN HOOSER]

I don't believe it is wise to do substantial work on an FHA appraisal without the first having the Case number.

 

[Mountain Man]

This is obviously a UW that doesn't know the new rules... passed in 1994.
In HUD Clips you'll find an 1994 mortgagee letter that says the appraisal no longer has to be dated on or after the day the case number is assigned. The appraisal can be ordered, and it can be inspected. But you can't submit the report or give the client a value until you have the case number.

 

[MARKETVALUENOW]

You can always do a new inspection and complete a new report. If no new sales occured between the inspection date and the case number date, than the report should almost be complete, but don't just change the date. NEW EFFECTIVE DATE=NEW ASSIGNMENT blah, blah, blah.

 

[TN Pro]

If a FHA case number is not assigned to the appraisal, I always make the appraisal "subjct to" attachment of FHA case number to the appraisal report. NO, I would not change the inspection date/effective date.

See M Leggett's post