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CRS Attack -- Can I Update an FHA Appraisal?

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Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Must be getting close to the first vacation time because I can't get a handle on this one.

Full FHA appraisal on house Nov 2002. Lender calls for update for another refi.

Can I update that FHA or do they require a whole new appraisal with new case number?
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
They could do a streamlined FHA refi and not even need an appraisal. Somebody probably thinks the house has gone up enough to roll the costs into the new loan. (Based on the time frame you indicated that would be wishful thinking in my market.) Did they switch if from FHA to conventional?
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'm not sure yet what they want. I received an e-mail requesting a "recertification" of the value. I called and explained that what they were asking for was an Update.

Obviously they could have lived with the old value. I don't think this is being switched to a conventional at this time.

I wanted to have some specific info before I called. One of my three best clients involved.
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
In most cases a HUD appraisal is good for six months and they can't even order a new one from another appraiser during that time period but have to use the original one. You might want to call your HOC and get some direct direction from them on this. I have the feeling that the request is being generated by the lender, underwriter, LO and not HUD.
 

Joe Sloan

Sophomore Member
Joined
Feb 17, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Ted Martin said:
In most cases a HUD appraisal is good for six months and they can't even order a new one from another appraiser during that time period but have to use the original one.

Ted-

I have had many appraisals re-assigned to a new appraiser, after my appraisal came back less than the sales price. Additonally, I get calls to do FHA appraisals after they are originally assigned to an original appraiser. The lender controls this by re-assigning the appraiser, and keeping the same case number. It would be interesting to hear the reason given for the switch when the lender requests the new appraiser.

Joe Sloan
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Joe:

Have you attempted to contact your HOC when this occurrs? I know a local lender here was quite dismayed that the HOC was aware of a particular case which had some quirks, and they had redflagged, it... hence we did it again when it came up with different contract details :twisted: ...

They may or may not care, but you could certainly let them KNOW if you are #2 on a job
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Richard,

To my knowledge, the FHA appraisal is good until the time frame is up. No update is needed. It's not FNMA. Then it expires. If they have a new case number, they need a new full appraisal with new VC sheet conditions as of the current date. Hey, it's 4 months later and the paint is peeling...... :lol: :lol:

Ben
 
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