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FHA Inspection-Why you need a survey/legal description.

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Ben Vukicevich SRA

Thread Starter
Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Damn, I had a great post all typed out and when I checked the link to my file on Yahoo, I closed the wrong "window" and sent the post into cyberspace. I don't feel like typing it all over again so I'll let you guys do the work and I'll comment as necessary as to how to word the conditions.

Download the PDF file

http://us.f1.yahoofs.com/users/f30d2a46/bc...ctK8_8ASjovbPOO

View the subject photos first. What do you see? A typical subdivision home that's a cookie cutter FHA appraisal, right? You finally got a "no brainer" FHA appraisal. Wrong.

View Page 2 and the site survey.

Tell me what the problem is and what is FHA/HUD's concern with this property. I'll give you a hint: 4150.2 Page 3-16

Now you know why you need a survey/legal description for FHA appraisals.

Ben
 

Brad Pack

Junior Member
Joined
Jan 15, 2002
Professional Status
General Public
State
California
Ok Ben, I'll play.

Property has a zero lot line. This could be a problem, however; there also appears to be a recorded maintenance easement (5'). Therefore, the property does qualify for FHA mortgage insurance.

So what did I win?

Ciao
 

Ben Vukicevich SRA

Thread Starter
Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Oh hell. You don't win anything!!!! I knew you would know the answer. As per NAIFA.com, I thought you were on vacation from WW!!! Although, it's nice to see you haven't given up on us here on the "dark" side.

Very good answer but, I'd go a degree further.

First, I would comment on the affect on value of the 5' maintenance easements on both sides of the property. Since all of the homes in this neighborhood have them, they are market acceptable and have no adverse affect on value and I would state such in the report.

Second, since it was new construction with no VC Sheets or HBS , I would make a comment in the Conditions of Appraisal section on Page Two of the URAR as follows: "Underwriter to review 5' maintenance easement for acceptability to HUD/FHA." The DEU goes out on the line for acceptability to HUD, not me. I'm not determining anything. I just tell them what I see/observe. She/he can make sure it's adequate and recorded properly.

Third, if it was existing construction, I'd list the condition on the HBS and VC Sheets for the underwriter to solve.

Check out the REAR View photo, I was tresspassing on the adjoining owner's property when I took that one-I never even realized it was zero lot line until I asked for a survey.

Ben
 
A

Anonymous

Guest
Does that mean I have to cut the grass on 5' of my neighbor or cut the grass for the other neighbor?

I want a zero grass lot. I am already sick of moving and only have done it twice so far this year. Guess it would help if I wasn't mowing 2 acres.
 
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