Compliance Inspection Report-90251 form

[TxArmadillo]

OK I have a question along the lines in this post. here is scenario #1:

Appraiser does an FHA appraisal on a proposed construction "subject to completion per plans and specs". Less than 6 months later property is completed and lender requests final inspection from the appraiser because the property is now 100% complete. Can the appraiser complete the 92051 form or does it need to be an FHA INSPECTOR?

Senario #2:

Appraiser goes out to a NEW construction home that as per builder is 100% complete (yea right, never is!) and the property does not have the electric meter, so no lights/hot water. The appraiser is suppose to "subject to........ what repairs or the plans and specs? I was told plans and specs because it is not broken it just isn't completed. AND who completes the form 92051 the appraiser now on the things not completed or again an FHA Inspector??????????

Scenario #1: An FHA appraiser in good standing on the FHA Roster can complete the form.

Scenario #2: If the appraiser went to the new construction to do a final inspection for a property is supposed to be 100% complete and the house doesn't have electricity, it fails the MPS (new construction) requirements. I don't believe there's an option on the 1004D for future repairs -- it either is in compliance with plans & specs or it is not. Just explain what was not in compliance with plans & specs and the impact on value of the property if the requirements and/or conditions are not completed (per ML 09-51).

 

[NorthPoleGuy]

Question I have concerning inspection requirements for a house that is approx seven years old. I am looking at buying the house and the bank was thinking that they would need the ICBO inspection reports from when the house was built in order to offer a section 184 loan. I know that there was no ICBO inspections done during the building of the house. Saying that the house was built by a lic contractor. Is this ICBO inspection something that is required to qualify for a section 184 loan or would having an inspection/appraisal be satisfactory for HUD backed loans?
Thanks for any input.
Joe

 

[sputnam]

Question I have concerning inspection requirements for a house that is approx seven years old. I am looking at buying the house and the bank was thinking that they would need the ICBO inspection reports from when the house was built in order to offer a section 184 loan. I know that there was no ICBO inspections done during the building of the house. Saying that the house was built by a lic contractor. Is this ICBO inspection something that is required to qualify for a section 184 loan or would having an inspection/appraisal be satisfactory for HUD backed loans?
Thanks for any input.
Joe

Don't know. Not my problem. I'm an appraiser, not a lender or mortgage industry regulator.

 

[NorthPoleGuy]

I am judging from the great response I have posted in the wrong area?
Looked like an appropriate area, sorry for bothering you with a question.

 

[TX ladybug]

I am judging from the great response I have posted in the wrong area?
Looked like an appropriate area, sorry for bothering you with a question.

Is not a bother but yes you are correct the majority of people on this forum are appraisers such as myself and we appraise properties. Your question appears to be appropriate for a lender familiar with this type of financing.

FYI an inspection is not the same as an appraisal. Part of the process during an appraisal is inspecting the property to see the condition, materials, take pictures, measure etc. for the appraisal to arrive at "market value". Best of luck!

 

[TX ladybug]

For final inspections after speaking with FHA hotline and a few ML letters, this is my understanding. If you appraised the property as per plans and specs, 92051 needs to be done by an inspector. If you appraise the property based on physical inspection (measuring and able to see the almost finished product) the appraiser can fill out the 92051. Now during the proposed construction they have 120 days to renew the Loan so they may request a 1004D for a market update (if they want to) only once during the life of the loan to extend another 120 days. If the property is not finished by then, then a new appraisal must be made AND a 92051 must be completed by an inspector. Anybody want to rebuttal or concur with this?

 

[Mike Garrett RAA]

Another fine reason.....

 

[TX ladybug]

Another fine reason.....

Please elaborate?
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