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FHA Assignment-c-4

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BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey AF-
Completed an FHA assignment-we are C-4 due to our lack of updating and overall condition-Comp 1 we chose which is on our street is a C-3 since it had recent updating, Comp 2 we chose is a C-3 due to recent updating, Comp 3 we chose which was sold "AS-IS" in need of updating and per the agent is a C-5.. For HUD, would that be acceptable across the board? Everything else is "Bracketed" Any thoughts? Since we have to actually view the sales too for FHA-this assignment was a mess-should have just declined it!
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
What exactly is your question? Should you have another Comp that is C4? Probably in a perfect world. Is it a FHA requirement? Not to my knowledge, but it wouldn't hurt even if you had to use a dated sale as Comp 4+ to satisfy the phone monkey/reviewer at the AMC.
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey Mr. Rex-
Yes, would FHA guidelines require another C-4.. or are we ok with it as is is.. Extreme lack of sales and to answer the other question-no there is no C-4 sale available, otherwise I would have to go back out on "my dime" to shoot the dang thing since it is FHA.. I'm not concerned if the lender won't like it,, they can pay me to go back out since this was an UGLY deal to begin with.. very frustrating with these assignments now..
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Looks good to me .. you have superior C-3 and a C-5 inferior. If there is no C-4 then so be it :)
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Reached out to the FHA Resource center also.. but wanted to get some input from the Forum as well since this Forum is a good thing for us.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Not a FHA requirement, may be an AMC/lender overlay.
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Hey Glenn,
Thank you.. That's what I am assuming here.. it is "bracketed", although the lender won't be happy.. they can pay the additional trip fee
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Awesome, thanks Mr. Rex..
 

BODEPHUS

Member
Joined
Jul 18, 2013
Professional Status
Certified Residential Appraiser
State
Texas
Yeah.. per Page 55 of the Handbook 4000.1-
Bracketing refers to selecting comparable properties with features that are superior to and inferior to the subject features..
but page 52 also states the selection should be based on condition.. ugh!!!
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hey Mr. Rex-
Yes, would FHA guidelines require another C-4.. or are we ok with it as is is.. Extreme lack of sales and to answer the other question-no there is no C-4 sale available, otherwise I would have to go back out on "my dime" to shoot the dang thing since it is FHA.. I'm not concerned if the lender won't like it,, they can pay me to go back out since this was an UGLY deal to begin with.. very frustrating with these assignments now..

Look at your the certification that you signed in the appraisal report.

7. I selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.

If there is a sale that is dated which is in similar condition as the subject and it sold just over a year ago, I think that would be a good comp. I would go back out and take a photo of another comp.. I have done it before and I am getting ready to go back out tomorrow to shoot one that I found after I got back to the office today. Hey, $hit happens!
 
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