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FHA Completed repairs and cost to cure

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frozone

Thread Starter
Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
I completed an FHA "subject to" due to exterior siding issues. In addition to that I noted cost to cure for non FHA repairs including some interior drywall finish. The LO informed me that all repairs have been completed including cost to cure items and would like to know if I can update the report "after reinspect" to complete the CIR 92051 and update the value due to the completed cost to cure items. I spoke to a couple appraisers and each says no to the value update. Looking for some additional opinions and perhaps someone that can point me in the direction of some written material addressing :shrug:

thanks
 

C REA

Freshman Member
Joined
Jul 8, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Subject To Repairs

Your opinion of value for the subject property is "subject to repairs" noted in the report. Once the repairs are "acceptably completed" form 92051 documents the repairs completion but a change in opinion of value is not appropriate.
 

TXCBoy36

Junior Member
Joined
Oct 3, 2007
Professional Status
Certified Residential Appraiser
State
Colorado
I agree, when you finished the appraisal "Subject To", that value should have been what the home will be worth once the repairs are completed and verified. No value change should be neccessary. When you finished the appraisal, was the "Subject To" value for the existing value or value after the repairs are completed?

JC
 

frozone

Thread Starter
Sophomore Member
Joined
Jul 20, 2006
Professional Status
Certified Residential Appraiser
State
New York
It was "subject to" the required FHA repairs. Therefore the value was after the FHA Repairs were completed. However there were additional non FHA repairs which were addessed and a cost to cure adjustment was made to each comparable. so FHA repairs are complete...no problem, value doesnt change...but now the cost to cure items have been repaired as well. That was what my question was refering to.
 
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