FHA HUD REO Appraisals

[tmon43]

Is anyone here doing them?

 

[RSW]

I've taken a few classes on them through JVI and have had other training but I've not done any yet. I do a lot of REOs for other lenders though.

 

[Greg davenport]

Is anyone here doing them?

Yes.........

 

[Mr Rex]

Occasionally, although I probably have done more reviews of FHA REO appraisals than the appraisals themselves.

 

[tmon43]

Yes.........

Greg, have you come across any issues with sketches. My client is insisting that I include a sketch of all structures - detached garages, sheds, pools etc. What has been your experience with this. I have done hundreds of REO appraisals and have never come across this before.

 

[saemmons]

What are REO appraisals exactly

I am not sure what REO appraisals are, can someone explain please. Thanks

 

[Greg davenport]

Greg, have you come across any issues with sketches. My client is insisting that I include a sketch of all structures - detached garages, sheds, pools etc. What has been your experience with this. I have done hundreds of REO appraisals and have never come across this before.

We sketch anything related to the "home" only. We do NOT add sketch 's of sheds, ect, but we note the size and include photos of them in the report.

If a pool is in a patio or deck that is attached to the home, we will include it in the sketch.

The current and past M&M contractor for our area has never said anything about the way we do our sketches.

Plus if you go back to the 4150.2 this is the only line I can find about a sketch.

2. Sketch of Improvements
The appraiser has provided a sketch in this appraisal report to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the property and understanding the appraiser’s determination of its size.

The only thing I can find about shed ect. has to do with Lead based paint.

Make them show you something in writing from HUD that has to deal with sketching outbuildings and pools. If they come up with something, I need to see it also.

 

[Mr Rex]

Quote them the chapter and verse from Appendix A (the REO protocol) and the new/revised Appendix D that deals with the required sketch.

 

[kimcha]

I am not sure what REO appraisals are, can someone explain please. Thanks

Oh sweet Jesus, yer not serious . . . . . are you?

If you are, REO means "Real Estate Owned", or lender owned or foreclosed properties.

 

[Renee Borne]

where is all this work? Had a bunch a few months ago but I was undercut 50% by another appraiser. Can anyone tell me who/m I should be marketing to.