FHA HUD REO Appraisals

[jnordquist]

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

No, I do not inspect the interior on an exterior only inspection, I'm not sure where that thought even came into play, that would be a whole different assignment, and the fee would increase. What I'm saying is since you are there inspecting the subject property and the site what is the harm in measuring and describing the garage, decks, outbuildings, etc. or would that be over the top for the assignment? My policy is that quality work includes a complete, thorough description to include dimensions of the garages, decks, etc.

 

[jnordquist]

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.

So pretty much what I'm guessing here is if you got an order stating complete a 1004 on 123 Main St. that gives you the green light to not take interior photos of the subject, not measure garages, decks, outbuildings etc., and omit the cost approach (which may or may not be applicable)

Just doesn't work for me, they get all of the above reguardless of what they order. O'well to each their own. Maybe I'm nuts, but it keeps the fax ringing

 

[RSW]

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.

It is sad that an appraiser has the mind set that he/she only has to provide the minimum requirements in an appraisal. What if the minimun does not result in a credible appraisal report? I take pride in my work and survive by my reputation as an appraiser. I dont's think that I am God's gift to the appraisal industry. But, I also try to give 110% to my work and to what I provide to my clients. That is a business decission I have made and it works for me. There is no additional liability in measuring detached structures. No, I don't measure dog houses, that is foolish to assume. My cost approach is as accurate as it can be based upon the information provided in the report.
A reviewer should be able to duplicte the cost approach using the same figures. If you don't measure the detached garages and provide the measurements, then how can it be duplicated? If you do not measure the porches, decks, ect, how can they be duplicted? I use the Marshall & Swift Residential Express Software program and it allows me to calculate a slab porch, slab covered porch, raised slab, deck, covered, deck, ect.. The detail allows for the cost approach to be very accurate.

You should not try to knock down a fellow appraiser because we take pride in our work. This forum is to help other appraisers and to voice our opinions. If you don't like that, then leave the forum.

 

[tmon43]

RSW perhaps you should follow your own advise - "you should not try to knock down a fellow appraiser because we take pride in or work". Well guess what? I take great pride in my work, too! You assume that since I don't want to include items in a sketch that I don't measure and inspect. And somehow you think that including a dimension in a sketch makes your cost work up more accurate and mine less so. Every report I produce is thoroughly researched, accurately reported and completely defendable and I would put my work up against anybody!
"This forum is to help other appraisers and to voice our opinions" But the only opinion that matters to you is yours and mine is automatically wrong becuase I don't agree with you so I should leave the forum. I posted this thread to solicit opinions - instead you chose to denigrate me and my work.
jnordquist the above applies to you as well.

 

[RSW]

Tmon,

I have more respect for myself to lower myself to your standards. I refuse to continue this conversation and am leaving this thread.

 

[tmon43]

Tmon,

I have more respect for myself to lower myself to your standards. I refuse to continue this conversation and am leaving this thread.

That would be best as you have no idea what my standards are .That says alot about you. Have a nice day

 

[Rancid13]

Boss #1 has been doing FHA work for ~9 years or so, but until about a year ago, several years passed where we didn't do a single one. Once FHA orders started coming in again, it was nice to learn that they did away with the 7-pages of VC sheets.

Boss #2 has been doing REO appraisals for a couple of years, and lots of VA purchase appraisals for the last year on properties that are bank-owned & selling.

All but one of the appraisals I've gone out on have been vacant/REO, which makes learning easier for me. No furniture in the way when measuring, no agent or homeowner asking why there are 2 appraisers at the property (one of whom-me-looks like she's fumbling around a little bit). I've only been going out in the field for 6 months now, but it's been great for me to learn to measure & appraise empty homes where no one has to meet us at the property to let us in.

 

[Greg davenport]

. 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.

Its part of the dwelling is it not? When we come across one with a basement, it is part of the dwelling, and gets sketched. This I think is a valid request.

 

[Mike Boyd]

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.

The contractor who is in charge of FHA REO in your area. Don't expect minimum wage, however.

 

[Lobo Fan]

You need to hook up with the MMA contractor in your area. Many treat these reports as commodities, so expect lousy fees. You will be required to meet all FHA requirements despite the cheap fees, so bear that in mind. Be careful what you wish for. The MMA contractor for my area orders through Dart Appraisal, but pays directly. You may want to get with Dart. Watch out for their politics though.