FHA And Applicances (10/5/16)

[jay trotta]

Wonder if the number of appraisers that quit doing FHA work will come back with this clarification?

LOL, only when they Clear Up the other "Home Inspector" issue's

 

[Mike Kennedy]

pg 23
g. Appliances
Make an entry [X] in the boxes to indicate that these items exist. An entry in a box means that the item was considered part of the real estate
and is included in the value.
http://portal.HUD.gov/hudportal/documents/huddoc?id=SFH_POLI_APPR_RPT_FIN.PDF

The Law of Fixtures
http://articles.chicagotribune.com/...182_1_dining-room-chandelier-attached-fixture

Method of Attachment
http://content.moneyinstructor.com/1976/personalproperty.html

 

[jay trotta]

If your going to jump on that band wagon, be sure you cost it out effectively; $400 for the Report Writing and $450 for the required Observation's; in accordance with their "Good Book" is a minimum half day job. Don't forget, if your State has License Laws for Home Inspectors, you must meet or define those differences within the Statute. Your E&O does not cover inspections.

Good Luck

 

[Elliott]

Sounds to me like the Realtors spoke, and FHA listened.

And it really is simple, you can't observe and/or test, you can do one, but if you test you'd probably destroy the appliances:

 

[residentialguy]

Here's a 1004D pic I took last week. $125 to flip 'er on. View attachment 29965 lol

And here's a picture of an appraiser who tested a gas stove that didn't light right away. Too bad he's not a professional home inspector. His insurance only covers what he's supposed to do as an appraiser.

 

[Meandering]

Talk to your local Realtors.

Broken appliances don't have to be included in the sale.

End of the issue for purchases.

On refi's, when setting the appointments, tell the owner that all appliances have to work or be removed.

End of problem.

.

 

[miktay]

Here's a 1004D pic I took last week. $125 to flip 'er on. View attachment 29965 lol

I've got one of those this later morning. I'll see your $125 and raise you $25

 

[CANative]

View attachment 29968

Talk to your local Realtors.

Broken appliances don't have to be included in the sale.

End of the issue for purchases.

On refi's, when setting the appointments, tell the owner that all appliances have to work or be removed.

End of problem.

.

Built in DW's and GD's (in particular) are expected to transfer with with property. So it's not the "end of the issue for purchases."

 

[CANative]

Do FHA appraisers take pictures of the stove operating? How does one prove they turned it on?

 

[residentialguy]

So how does a used $200 stove make a difference in market value of a $400,000 property?