FHA Desktop for purchase

[CANative]

Setting up to complete an appraisal with the COVID-19 protocols. ML 2020-05 states must be completed "as is' with the following exception: "The Appraisal will be completed “AS IS” unless MPR related deficiencies are known."

Anyone know about the requirement to condition for the foundation meeting PFGMH? Would that be an exception to the "as is" requirement?

 

[Mike Ault]

Anyone know about the requirement to condition for the foundation meeting PFGMH? Would that be an exception to the "as is" requirement?

I have done one recently and I just described the fact that no foundation certification had been received and I was unable to attest to the permanency of the foundation, still marked the appraisal "as is". A couple of weeks later the lender sent me over the foundation certificate which allowed me to mark the appropriate check box and comment on the fact that I reviewed it and the home was permanently affixed to a HUD Approved Foundation. Not sure if it was the missing checkbox which stopped the whole process or somebody actually read the report. Frankly I expected more problems than that but apparently the exterior only system is working for now.

 

[Econobot]

Setting up to complete an appraisal with the COVID-19 protocols. ML 2020-05 states must be completed "as is' with the following exception: "The Appraisal will be completed “AS IS” unless MPR related deficiencies are known."

Anyone know about the requirement to condition for the foundation meeting PFGMH? Would that be an exception to the "as is" requirement?

Why in the hell would anyone do this kind of trash work?? Desktop FHA purchase?? Is this a joke?!?!? If it is legit then It's sad to see appraisers kowtow to a ridiculous request. Tell them to pound sand and stand up for our industry. I'm telling you these desktops will be the end. How can you make a living off $150? I've seen some come over for $65...I don't even bother replying, immediate delete. Certain industry folks have been wanting minimal fees and desktop trash produced instead of 1004 work, they've decided this hoax of a pandemic is the perfect time to ram it down our throats. Sad to see almost zero pushback....come on man!!

 

[alebrewer]

Why in the hell would anyone do this kind of trash work?? Desktop FHA purchase?? Is this a joke?!?!? If it is legit then It's sad to see appraisers kowtow to a ridiculous request. Tell them to pound sand and stand up for our industry. I'm telling you these desktops will be the end. How can you make a living off $150? I've seen some come over for $65...I don't even bother replying, immediate delete. Certain industry folks have been wanting minimal fees and desktop trash produced instead of 1004 work, they've decided this hoax of a pandemic is the perfect time to ram it down our throats. Sad to see almost zero pushback....come on man!!

And here we go again...

 

[CANative]

Ale... it's okay. I just view Econoblot's input as entertainment from a noob. Some new appraisers are still grappling with the concept of intented use/intended user/scope of work/EA's and HC's regarding assignment conditions. It's why they're afraid of some valuation services. What does he think in regards to my performing valuation services regarding such properties as closed Air Force bases, 300 room dark hotels, taxable possessory intrests, etc, etc.?

Mike... it's not a matter of permanent foundation (I have the documents attesting that the foundation meets the CA and Local requirements), it's a matter of the FHA requirement that the foundation meets the standards set forth in the handbook Permanent Foundation Guide for Manufactured Housing. FHA MH assignments are ALWAYS conditioned on certification by a licensed engineer or architect. It's an "automatic" condition of the appraisal.

As far as fees go, I'm charging the same fee for the desktop on a 1004 and 2055 exterior as I would for any other appraisal assignment regarding similar properties and location. $450 to $650.

 

[alebrewer]

I REALLY wish we could have ONE thread for folks who whine about bifurcated/desktop appraisals. That way every stinking thread wouldn't end up going down that rabbit hole...

 

[Mike Ault]

Mike... it's not a matter of permanent foundation (I have the documents attesting that the foundation meets the CA and Local requirements), it's a matter of the FHA requirement that the foundation meets the standards set forth in the handbook Permanent Foundation Guide for Manufactured Housing. FHA MH assignments are ALWAYS conditioned on certification by a licensed engineer or architect. It's an "automatic" condition of the appraisal.

Yes, we were referring to the same dilemma however I just didn't bother to type that much last night. Here is the verbiage that allowed them to close this FHA exterior only loan "An engineers foundation report was supplied by client indicating that the foundation meets the guidelines set forth in the HUD Manufactured Housing Installation Guide."

 

[CANative]

Yes, we were referring to the same dilemma however I just didn't bother to type that much last night. Here is the verbiage that allowed them to close this FHA exterior only loan "An engineers foundation report was supplied by client indicating that the foundation meets the guidelines set forth in the HUD Manufactured Housing Installation Guide."

The improvements for this one were built in '99 and installed in 2000. The mortgage history doesn't show an FHA/USDA loan so I doubt there are any inspections or certifications that would meet the standard.

Since the 1004COVID protocol for a desktop will allow for EA's, I can address it as part of my EA's and still check the "as is" box.

 

[ucbruin]

This product type does seem contrary to DW's 2055 threads/posts....
Regarding "adequate" interior condition....

 

[Mr Rex]

An engineers cert is a MPR for HUD code. So there is a "known" deficiency.