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FHA - Exterior Only?

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Rice Brewer

Thread Starter
Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
Anybody ever heard of such a thing?
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
FHA requires interior inspections on appraisals and further states that if access is not available to all areas than the appraiser will need to re-inspect
 

Rice Brewer

Thread Starter
Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
I know, I know. Lender has ordered a 2055 for a FHA loan. They are adamant that I "have to to it" as thay have order.

<sigh> another one bites the dust....
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Yup... there goes another one.... they do hate to be wrong.

?? Go to the FHA site, find the chapter and verse, copy paste email ??

??? If they still insist... do the job ---> and note in BOLD on main page that in your opinion the
report is not FHA compliant per zzz.xx and you are making this exterior-only report solely at their express request (???)
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Yup... there goes another one.... they do hate to be wrong.

?? Go to the FHA site, find the chapter and verse, copy paste email ??

??? If they still insist... do the job ---> and note in BOLD on main page that in your opinion the
report is not FHA compliant per zzz.xx and you are making this exterior-only report solely at their express request (???)


Are you sure about this advice??? IMHO I would try to educate the client on the correct procedures or else walk away... Of course that is why I am haning on the forum today with no work :)
 

William K

Senior Member
Joined
Sep 21, 2007
Professional Status
Certified Residential Appraiser
State
Illinois
I am curious did they supply you with the case number? and is this by chance an FHA foreclosure where the people are still in the property? I am asking because something sure seems to be missing? I have heard that a lender who is being forced to take a loan back that is FHA insured sometimes will order an exterior only appraisal 2055, but that is not for FHA use that is for their use.
 

Rice Brewer

Thread Starter
Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
It is a REVERSE MORTGAGE with a Case #!

They simply don't want to be educated.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
It is a REVERSE MORTGAGE with a Case #!

They simply don't want to be educated.

A reverse, and no inspection?
Either you or they must be putting us on.

Seriously --- Call the nearest HUD/FHA center, give them the Case# and discuss this with them.

http://www.HUD.gov/local/index.cfm?state=ar&topic=offices
Little Rock

425 West Capitol, Suite 1000
Little Rock, AR 72201
Phone: (501) 918-5700
Fax: (501) 324-6142
TTY: (501) 324-5931
Bessie Jackson, Field Office Director

Office Hours: 8:00 a.m. to 4:30 p.m.,
Monday through Friday
 

Rice Brewer

Thread Starter
Member
Joined
Dec 14, 2004
Professional Status
Certified Residential Appraiser
State
Arkansas
I wish I was putting you on but why would I waste my time with that endeavor?

I have called the local HUD office and talked with them. They are having a friendly "chat" with the loan officer.
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
.....
I have called the local HUD office and talked with them. They are having a friendly "chat" with the loan officer.
^^^
Hee Hee Hee

Keep us posted :)
 
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