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FHA REO Appraisals

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RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I'm doing my first FHA REO Appraisal in a while. It has been several years since I did my last one. I have been reading Appendix A, and other information from the M&M. Do you guys have any good tips that you would like to offer? Looks like some things have changed since my last one. I do a lot of FHA purchase and refi - streamline appraisals already.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
I'm doing my first FHA REO Appraisal in a while. It has been several years since I did my last one. I have been reading Appendix A, and other information from the M&M. Do you guys have any good tips that you would like to offer? Looks like some things have changed since my last one. I do a lot of FHA purchase and refi - streamline appraisals already.
Is your M & M Pyramid??? I have been doing HUD REO'S for about 10 years.They have changed a lot since the good ole days.You will need an addendum with MPR repairs.They do not want cosmetic repairs lumped with MPR repairs.Mold and missing railings are for the M & M contractor to fix , not MPR.They will review your first one and don't be surprised if it looks like a book.They are very meticulous on just how they want the information..
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Yes, it is for Pyramid. I have gone over and over everything. You are right: It will be a book. How long does it take for them to get me the PCR? Do they typically give a contact # for the inspection? I don't have my HUD key anymore. I have a sample appraisal that they gave me to go by. I will try to follow it as a guide. Thanks for your help.
 

jnordquist

Member
Joined
Sep 10, 2007
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Tough, detailed work, but thats my thing and I like them. I was just thinking today that it seemed kind of strange that my contact at the M&M must sit up at night and read the FHA REO manual all night everynight because she can quote it line for line and page for page, then I looked her up and found that she is an appraiser. Made me feel good when I found out who I was dealing with. More of a relief was that I knew I was not going to have to explain appraisal 101 everytime my nets and grosses are exceeded.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Yes, it is for Pyramid. I have gone over and over everything. You are right: It will be a book. How long does it take for them to get me the PCR? Do they typically give a contact # for the inspection? I don't have my HUD key anymore. I have a sample appraisal that they gave me to go by. I will try to follow it as a guide. Thanks for your help.
You should get the PCR with the order which will be attached to the appraisal report when it's completed.Call the vendor that's assigning your orders and request a key.They may send you one or give you the numbers to have one cut.There is no contact number for inspections.You are on your own and can go anytime you have the PCR in hand.Keep in mind the PCR will have many COSMETIC items and few MPR items.You will need to distinguish between the two.Sometimes they are unable to install Key locks and will have a combo or pad lock instead.Contact you vendor about which locks they use.Having fun so far???Wait till the neighbors come over and grill you about how much and I knew the previous owner...:clapping:
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I do a lot of REO appraisals for lenders and am used to the neighbors. I also do a lot of FHA appraisals too. Now I just have to get used to putting them both together again. Things sure have changed since the last FHA REO I did. I'll contact the vendor to see about a key. Thanks for all of your help.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
I do a lot of REO appraisals for lenders and am used to the neighbors. I also do a lot of FHA appraisals too. Now I just have to get used to putting them both together again. Things sure have changed since the last FHA REO I did. I'll contact the vendor to see about a key. Thanks for all of your help.
Good luck.Remember HUD REO Appraisals are their own animal..
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I called Pyramid and they are overnighting keys to me. The PCR was on their website. I think I am ready to go on this one. Thanks for all of your help.
 
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