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FHA Final Inspection

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PhysicalDepreciation

Junior Member
Joined
Jun 6, 2008
Professional Status
Certified Residential Appraiser
State
Rhode Island
So I originally appraised this property about a month ago and conditioned it subject to the utilities being turned on, some missing outlet covers being installed, and some minor mold being removed from the finished basement wall. I went back to do the final and they gutted the finished basement to the studs. While the conditions have been met, there is now no finished basement which was originally given value. I'm not sure how to handle this. As of the effective date it had a finished basement, however now it does not, but all conditions I originally called for have been met. Any one run into anything like this before. Obviously I will disclose it in the 1004d, but do I check the box stating all conditions have been met??
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Call your client. The gutted basement results in a change in scope and likely will require a new assignment.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I agree with Rex. Contact your client to see how they want you to proceed.
 
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