FHA HUD REO Appraisals

[saemmons]

This is not the way we treat one another in civilized society, Caveman. As the saying goes, "There are no stupid questions, only stupid answers."

People come here to learn and graciously share their knowledge. If you come here with an open mind, you will learn a tremendous amount. The better human beings here understand that everyone is new at some point and that we all make mistakes --- even big ones!

Yes, there are a few here with genuinely bad attitudes; they will reveal themselves soon enough. Try not to be one of those --- they're talked about and laughed at mercilessly in PM's. :icon_lol:


I see that you are a newbie as well. Welcome! You'll probably get "the business" for a while, but it will subside.

Thank you Allison, I agree with you!!!!!

 

[RSW]

It is not the time issue, the issue is where does it stop. Next they have you add sheds, pools, decks, pump house, barns etc. The FHA handbook says to include a sketch of the dwelling. It then goes on to say add porches, patios, garages, breezeways and other offsets. To me the second sentence expands on the first and implies attached structures. Yesterday I received a revision request to include the basement garage on the sketch. So now I guess I should just roll over and start sketching basements as well. And while I am at it should I include fences and retaining walls? Barbecues, Gazebos, and why not ponds? Picnic shelters? Dog houses?

Why do you think we charge more for an FHA? I have been doing FHA appraisals since 1995 and have always sketched out the items you mentioned. I do it on all of my reports so that I don't forget and send in a report that is missing them. It doesn't take much more time to do it. It sounds like you just don't want to measure it. I'll bet you don't include the interior floor plans either.

Just a hunch!

 

[Alison Swain]

I was taught by my mentor to sketch everything that added value, even smaller open patios (although she did exclude "stoops"). Even sheds if they're on concrete slabs.

 

[jnordquist]

I always provide the detached garages in my sketches no matter if it is for FHA or conventional lending. How are you going to calculate the cost approach if you don't have the measurement. If you are measuring it when you are out in the field, why not provide it in the sketch. What does it take, about 30 seconds to draw a rectangle? It also make your sketch look better too!

Likewise, Garages, decks, porches, patios, pool houses etc

 

[jnordquist]

It is not the time issue, the issue is where does it stop. Next they have you add sheds, pools, decks, pump house, barns etc. The FHA handbook says to include a sketch of the dwelling. It then goes on to say add porches, patios, garages, breezeways and other offsets. To me the second sentence expands on the first and implies attached structures. Yesterday I received a revision request to include the basement garage on the sketch. So now I guess I should just roll over and start sketching basements as well. And while I am at it should I include fences and retaining walls? Barbecues, Gazebos, and why not ponds? Picnic shelters? Dog houses?

I sketch everything, thats just me, but what I do know is the more detailed you are the less callbacks, and more return buisness. Obviously you know details go beyond the sketch.

Why do I get the feeling that you can't believe that someone would want a report above the minimum requirements

 

[tmon43]

Why do you think we charge more for an FHA? I have been doing FHA appraisals since 1995 and have always sketched out the items you mentioned. I do it on all of my reports so that I don't forget and send in a report that is missing them. It doesn't take much more time to do it. It sounds like you just don't want to measure it. I'll bet you don't include the interior floor plans either.

Just a hunch!

No -not required so why open yourself up to more liability and insanity. I have been a lender in the past and I am now an appraiser, for over twelve years, I have originated FHA loans and have completed FHA appraisals. I have never - not one time - ever asked for, or been asked for sketches of detached structures. FHA loan guidelines are primarily concerned with the dwelling. If you choose to go above and beyond good luck. I give them what they ask for and nothing more. Do you do interior inspections on drive bys? Are you trying to tell me you physically measure every structure on the property? I imagine you are one of those appraiser who think you can do the cost approach to the penny and your final indicated values are to the dollar.

 

[tmon43]

I sketch everything, thats just me, but what I do know is the more detailed you are the less callbacks, and more return buisness. Obviously you know details go beyond the sketch.

Why do I get the feeling that you can't believe that someone would want a report above the minimum requirements

If someone wants a report over the minimum requirements they should order that report and not be insulted when asked to pay for it. Otherwise they get what they pay for.

 

[jnordquist]

So I was right, "half a fee half a report", that your motto?

It's not about what they order or pay, but what you return to them. Call me crazy but every assignment gets 110%, reguardless of what they think they need, and what fee I accept

 

[tmon43]

So I was right, "half a fee half a report", that your motto?

It's not about what they order or pay, but what you return to them. Call me crazy but every assignment gets 110%, reguardless of what they think they need, and what fee I accept

No you are not right, your not even close. If I accept an assignment with x conditions for z fee, and deliver the report but now after the fact the client wants me to meet additional conditons a, b, c & d, then the assignment has changed and my fee should as well. Are you trying to tell me that you do a full inspection on every order? even drive bys? I don't think anybody is that foolish

 

[tmon43]

Why do you think we charge more for an FHA? I have been doing FHA appraisals since 1995 and have always sketched out the items you mentioned. I do it on all of my reports so that I don't forget and send in a report that is missing them. It doesn't take much more time to do it. It sounds like you just don't want to measure it. I'll bet you don't include the interior floor plans either.

Just a hunch!

You expect me to believe that you sketch ponds and dog houses and retaining walls - are you completing an appraisal or a site survey? Quit lying to yourself and to me