FHA appraisal

[Tom Woolford]

Just make sure you get the updated template. If you use the old one, you will look inexperienced and probably lose the client.

 

[Greg Bell]

Oh..THAT template..

 

[CANative]

Give him a break. The first time you do an FHA appraisal there will be some things that need to go or should be included in the report that are FHAcentric.

I clarify the intended user and scope of work to be more FHA friendly..

Scope of work and clarifications.
The purpose of the appraisal is to offer an opinion of market value for the subject property as defined herein. The intended use of this appraisal is mortgage underwriting per FHA appraisal guidelines. The client as defined in the Uniform Standards of Professional Appraisal Practice (USPAP) is the party or parties that engaged the appraiser by contract in this specific assignment and is identified in this report as the intended user. HUD/FHA is also identified as intended user(s). There are no other intended users and there are no other intended uses communicated by the client to the appraiser at the time of the assignment. However, there are those individuals or entities that may use or rely on a part of or on the entire appraisal report that were not identified as intended users by the client and this report has not been prepared to address any specific needs of those individuals or entities. Questions or concerns a third party may have should be directed to the client identified in this report and not the appraiser. Any party other than the identified intended user(s) including contemplating the use of this appraisal are urged to seek a separate appraisal which has been prepared for their specific needs.

This is what I put at the top of the addendum titled Required Repairs and/or Inspections:

REQUIRED INSPECTIONS OR CORRECTIONS:
The below items were noted during the onsite visual observation and subsequent investigation of the subject property's relevant characteristics. These items require professional trade/skill inspection or repair to meet MPS/MPR (minimum property standards/minimum property requirements). Repairs must be completed in a professional manner in compliance with HUD guidelines. Lender to coordinate repairs and document that all readily observable deficiencies indicted in this report have been acceptably corrected, or waived by lender.

There are a few other items. Does anyone else have anything to suggest?

 

[NC Appraising]

Here is a FHA template that someone developed, and I use it quiet often. I love it. This template probably cuts my appraisal time in half. Just don't let Skippy get a hold of it. It also has step by step instructions on how to fill out the Fannie Mae form 1004. It even has a quick reference guide to churn those puppies out faster.

It's pretty cool check it out.

 

[RSW]

Oh, We're just funnin' with 'em. Can't we just have some fun?

 

[Greg Bell]

O.K. Fun is fun...Now back to work...If you have any........

 

[RSW]

I needed to let go for just a bit after the last two FHA appraisals I had to do. They were a bear to finish.

 

[NC Appraising]

RSW,

Sorry, I forgot to add this guy to the end of my post I thought it was a funny post. Darn it, can't give up my day job yet. Now to my night job, if you know what I mean.

 

[Gajope]

man, i had to take an exam to get on the FHA roster!!! Some of my colleagues couldn't pass it!

A couple of months ago, 2 of my appraisers got on the roster after answering 10 questions and sending in a form. Now they don't even require that!!!!!!!!!!

I remember they used to send little slips in the mail to you after they randomly reviewed your report. They rated it on a scale from 1-5.

If you got a bad rating you would have to go downtown and meet with the HUD director.

I thought we were trying to improve things, not have more crap in the system.

 

[timd354]

man, i had to take an exam to get on the FHA roster!!! Some of my colleagues couldn't pass it!

A couple of months ago, 2 of my appraisers got on the roster after answering 10 questions and sending in a form. Now they don't even require that!!!!!!!!!!

I remember they used to send little slips in the mail to you after they randomly reviewed your report. They rated it on a scale from 1-5.

If you got a bad rating you would have to go downtown and meet with the HUD director.

I thought we were trying to improve things, not have more crap in the system.

"we' may be trying to improve things, apparently the FHA is not.