• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

FHA 203k New And Increased Contractor Estimate After Appraisal Completed

Status
Not open for further replies.

emily shaw

Freshman Member
Joined
May 12, 2005
Professional Status
Licensed Appraiser
State
Maryland
I did an FHA 203K appraisal last month utilizing a contractor list of proposed improvements dated 08/05/2016 in the amount of $33,900. This evening, the lender sent a revision request through Mercury Network with a completely different contractor estimate dated 01/03/2017 in the amount of $48,923. The lender's request was: "Please add work write up to report to the appraisal".

I see this as a problem as this cannot be included in the original appraisal as it is materially quite different, after the effective date, and this is an FHA 203K. I am wondering if anyone else has had such a request. This is a first for me in nearly 30 years. I am not about to do this but want to be courteous and professional.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
** I tend to agree with you but you never know ** There have been situations when the original work estimate was found to be too low and as long as you are not changing your appraised value it may be OK with a new signature date but make sure you include an addendum stating the report was revised on Date _______ due to receiving a new contractor work estimate but the original appraised value is the same.

*** BUT I would contact your HOC first just to make sure it's OK and if they say it can't be done then at least you will have a source and contact person to refer to the AMC.
 
Last edited:
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks