• 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 Condo - UW requests clarification

Status
Not open for further replies.

Green Hornet

Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
Submitted report 6/12/2008 - stated in report no comparable sales within 5 miles and a 12 month perior. UW wants sale within the project within the last 12 months. I guess I should have been more explicit.

I replied in e-mail - Now they want reply put in addendum. I might add with notation of revision date and explaination of why the revision. Any problems specific to FHA with doing this.

Your opinions?
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
Green,

No problem with FHA.

Your addition to the addendum will be handled like a correction. In the addendum you should explain the need for the correction and the nature of the correction.

You should give the corrected file a new file name and a new report date and keep both versins of the report for 5 years.

Minor corrections are common but the clear distinction between the first report and the second report should be documented.
 

Green Hornet

Senior Member
Joined
Dec 29, 2006
Professional Status
Certified Residential Appraiser
State
Washington
Marcia,

Thank you for the information.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Sounds to me like the lender just wants some clarification about the subject's development. You may not have provided a clear understanding about the lack of sales in the subject's development in the original appraisal report. I would add an addendum referencing the request from the lender and give a better description of your efforts to locate sales in the development and about the lack of sales in the development. This is why it was necessary to go outside the subject's development in order to locate adequate sales in order to complete the appraisal assignment. I would give it a different signed date but I don't think I would classify it as a new appraisal since you are only clarifying your original appraisal report.
 
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