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Escrow Repairs - How to Complete "CIR"

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Laszlo

Thread Starter
Sophomore Member
Joined
Aug 7, 2006
Professional Status
Certified Residential Appraiser
State
Michigan
I was just informed by the lender, due to unfavorable weather conditions, the buyer cannot complete exterior painting repairs. Therefore, they put money in escrow, and will complete the repairs in the spring.

My question is, they also requested the CIR, and i'm not sure how to report the incomplete repairs(although allocated in escrow). All other repairs are complete... Any help would be great!
 

Laszlo

Thread Starter
Sophomore Member
Joined
Aug 7, 2006
Professional Status
Certified Residential Appraiser
State
Michigan

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Just complete the form like any other FHA final. State which repairs are completed to meet FHA standards and those that do not.

All the other issues are lending issues/problems that you should not address on your report, don't touch the word escrow with a 100' pole, let that all be with the lender as this situation is not SOP for FHA deals. I have known lenders who do this, just don't place yourself in that loop.
 

Bedrock

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Joined
Oct 21, 2004
Professional Status
Licensed Appraiser
State
New Jersey
don't touch the word escrow with a 100' pole, let that all be with the lender as this situation is not SOP for FHA deals

Check off #13 on the CIR and explain what is not complete.

Just out of curiosity TJSum. Why not use the "escrow" word. Ex."As per lender/ client, XXXlender's nameXXX, the follow repairs will be escrowed due to weather related issues." and check #13. I have done this in the past. I would never check #14 for this situation.
 
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