Cistern ?

[Pamela Crowley (Florida)]

The FHA appraisal value is to be based on "Subject To the completion of the inspections and repairs listed on the VC Sheet", right?

I always added a comment that regarding just that. There are VC items that if not repaired would make the property not eligible for FHA financing. The DEU can waive many of the VC items, but there aren't many that would be willing to do so. For the most part, not repairing what is listed on the VC Sheet very well might or absolutely would have a negative impact on the value of that property and/or make it ineligible for FHA.

The appraiser calls for the repair.

The DEU could waive a repair (other than lead based paint issues).

 

[Ben Vukicevich SRA]

Pam,

Correct.

The DEU can waive any MPS required repairs except lead base paint abatement on a streamline refi only. But the streamline refi is an extremely silly FHA program anyway when it comes to repairs so I won't go there. That program is a mess on the appraisal end.

The DEU can not waive MPS repairs on other FHA programs. They can only waive excessive repairs called for by the appraiser over and above MPS.

Ben