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FHA cost to cure or not.
- Thread starter joe lee
- Start date
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- fharepairs
glenn walker
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- Oct 11, 2006
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- California
They need to close. Lol
Surf Cat
Elite Member
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- Apr 21, 2003
- Professional Status
- Certified Residential Appraiser
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- California
Oh, dude......you are so fired....just make it subject to...then when they finish the repair you verify...no estimate needed
Dublin ohio
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- Mar 20, 2008
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- Ohio
Not unique to appraisers. No matter what job you have, if you don't perform to specs you have the "fear" of losing that job or client
djd09
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glenn walker
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- Certified Residential Appraiser
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Actually appraisers are providing all the ammunition why their not needed. I can see more waivers and PDC inspectors down the road. If an appraiser can't figure a cost to cure for a hot water tank or a window then he's not really needed.
As for a cost approach forget that and new construction geez. Let's just fold up the profession and let NAR take over.
As for a cost approach forget that and new construction geez. Let's just fold up the profession and let NAR take over.
Surf Cat
Elite Member
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- Apr 21, 2003
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- Certified Residential Appraiser
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I know, right? I think I'm going to become a PDC / Klepto and sell my plunder on eBay....they are supposed to provide the estimates...dont be a lap dog
Dale Floyd
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- Apr 14, 2007
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- Certified Residential Appraiser
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- Tennessee
The whole concept of including and adjusting for the cost to cure, is for the accounting of those specific needs more than a test of accuracy. Of course, it’s not going to be 100% accurate for numerous reasons, but at least there is a consideration shown. Appraisers have been doing this for years.
A house with a broken picture window will suffer a much greater hit in price impact than the actual cost to replace the broken pane of glass.
A house with a broken picture window will suffer a much greater hit in price impact than the actual cost to replace the broken pane of glass.
djd09
Elite Member
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- May 20, 2009
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welcome my friend....welcome to the machine...where have you been...its all right we know where you been...you been in the pipeline filling in time
glenn walker
Elite Member
- Joined
- Oct 11, 2006
- Professional Status
- Certified Residential Appraiser
- State
- California
A FHA cost to cure is not a value issue. It's the cost of repairing or replacing a item that's typically under a few thousand dollars and a Escrow Holdback is often done. If it's something large enough to be a valuation issue than it's a mandatory repair or replacement.
This is why say a $500.00 item can be a cost to cure versus a required repair.
We typically could do a escrow holdover account for up to say $5,000 if it wasn't a Health or Safety issue on a FHA.
This prevents a hold up on a closing where a buyer needs to move in but can get the repair done on his own time. Sometimes even a odd size window frame that took a special order. During Covid we did many cost to cures and escrow hold backs.