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FHA Guidance "typically"
- Thread starter SierraMV
- Start date
LarryJewell
Sophomore Member
- Joined
- Dec 18, 2012
- Professional Status
- Certified General Appraiser
- State
- Texas
As Per Stated On Page 491 Of HUD Handbook 4000.1:
"When Examination Of New Or Existing Construction Reveals Non-compliance With Mpr And Mps, The Appraiser Must Report The Repairs Necessary To Make The Property Comply, Provide An Estimated Cost To Cure, Provide Descriptive Photographs, And Condition The Appraisal For The Required Repairs. If Compliance Can Only Be Effected By Major Repairs Or Alterations, The Appraiser Must Report All Readily Observable Property Deficiencies, As Well As Any Adverse Conditions Discovered Performing The Research Involved In Completion Of The Appraisal, Within The Reporting Form. Regardless Of The Appraiser’s Suggested Repairs, The Mortgagee Will Determine Which Repairs Are Required."
"When Examination Of New Or Existing Construction Reveals Non-compliance With Mpr And Mps, The Appraiser Must Report The Repairs Necessary To Make The Property Comply, Provide An Estimated Cost To Cure, Provide Descriptive Photographs, And Condition The Appraisal For The Required Repairs. If Compliance Can Only Be Effected By Major Repairs Or Alterations, The Appraiser Must Report All Readily Observable Property Deficiencies, As Well As Any Adverse Conditions Discovered Performing The Research Involved In Completion Of The Appraisal, Within The Reporting Form. Regardless Of The Appraiser’s Suggested Repairs, The Mortgagee Will Determine Which Repairs Are Required."
Tom D
Elite Member
- Joined
- May 22, 2015
- Professional Status
- Certified Residential Appraiser
- State
- Pennsylvania
Did you call the suburban HUD call center, or the rural hillbilly one. You could get different answers.
Not seeing those photos, did you take a floor shot to show the buyer what the problem is. Not seeing that here, my seeing eye dog can't give the proper answer.
Not seeing those photos, did you take a floor shot to show the buyer what the problem is. Not seeing that here, my seeing eye dog can't give the proper answer.
OSU Beavers
Elite Member
- Joined
- Jan 10, 2007
- Professional Status
- Licensed Appraiser
- State
- Oregon
Oh thank God! I thought that FHA just made "typically" a new no-no work. I have been using "typical" to replace "average" in all my narratives to avoid getting AI stiped.
Sadie
Elite Member
- Joined
- Mar 20, 2008
- Professional Status
- Certified Residential Appraiser
- State
- Oregon
I had this come up with a site built home. The answer was that it needs to be finished and the finish must be able to withstand cleaning. So if you have a partially finished subflooring, when you mop it, the water can get to the untreated area and cause problems (and splinters). I have seen sealed subflooring that is acceptable, for MPS. Acceptable to the market is something different.
RSW
Elite Member
- Joined
- Feb 18, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Tennessee
That's exactly my point. Quality has to do with materials used. Condition has to do with age, wear, and tear of those materials. The lack of floor coverings is not a condition issue.