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Convention loan, now going FHA

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phoebe33764

Sophomore Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I performed a conventional multi family appraisal in March. Wachovia was the MB's lender. They had the homeowner repair her pool screens then after the loan had been in limbo, and after she fixed the screens, they told her she was denied.

Now the broker is taking her FHA. Originally, I performed a conventional appraisal, yet noted the ripped screens and mentioned that there were a few ceiling stains. I did not CB4, but I did mention these items and that a roof expert should be retained, if desired to determine if the roof needs repair/replacement or if it was a drip pan leak.

Since this is now going FHA, they provided a case # to me. I was going to do a reinspect with new photos, showing the new screens, check more in-depth for FHA required items, etc, and to note the repair and cosmetic items. My issue is with the stained ceilings. Since I originally did not CB4 for the conventional appraisal should I just reiterate the stains on the ceilings or should I revise the report and CB4? Please advise.:shrug:

 

ZZGAMAZZ

Senior Member
Joined
Jul 23, 2007
Professional Status
Certified Residential Appraiser
State
California
I am not experienced enough to answer your question but IMO:

The FHA SOW requires an attic inspection and it might be difficult to rationalize the issue away with a CB4 because HUD specifically cautions the appraiser from deferring questionable issues to other experts merely to shield oneself from liability or lack of a stepladder...
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Review Mortgagee Letter 2005-48.
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Take Michael's suggestion. Then forget that you ever saw the house before and treat it for what it is...a whole new assignment with the SOW to FHA standards.

Start from scratch as you go through the house checking the windows, the electrical outlets, the electrical service box, the water pressure and, YES, the attic. (Just to name a few things).
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Include a picture of the stained ceiling and include in the file if warranted. A picture is worth a "million" words.
As Chris suggests, the FHA minimum SOW inspection requirements might differ from the typical conventional inspection.
 
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phoebe33764

Sophomore Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I agree. Because it was conventional, on the prior appraisal I did not do a attic inspection etc. On the prior appraisal, because the ripped screens/missing screens (pool) and the ceiling stains were evident, I took photos of them and included them in the report.

Thanks for responding. I appreciate your comments.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
New assignment, new(and different scope of work), and, if you are smart, new fee.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
New assignment, new(and different scope of work), and, if you are smart, new fee.
DITTO! Especially since original appraisal made in March; it's now ancient history.
Most recent sales data in may well tell a different story than told in March.
New assignment, FHA scope, Full fee (IMHO)
 
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