FHA vs. FHA REO

[Cowbell]

I have done FHA and REO but I have not done a FHA REO. Does a FHA REO = FHA + REO addendum? Is a REO addendum the only difference between a FHA and FHA REO? Any inputs will be greatly appreciated!

 

[Mr Rex]

See Appendix A:

http://www.nls.gov/offices/adm/hudclips/handbooks/hsgh/4150.2/41502appaHSGH.pdf

 

[Greg Bell]

I have done FHA and REO but I have not done a FHA REO. Does a FHA REO = FHA + REO addendum? Is a REO addendum the only difference between a FHA and FHA REO? Any inputs will be greatly appreciated!

If the order is from an M & M contractor the scope of work should be with order.The REO addendum is not usually included in those type of appraisals as listings are not required.A repair addendum may be added for MPR repairs (Not consmetic)...

 

[Appraising4u]

Rex, Appendix A is for FHA REO's correct? or is it for all REO properties?
Must you be on the FHA roster to do an REO property of any form?
.. I assume this is an off the wall question considering that apendix A is from the 4150-2, however, i didn't know if that is actually the case for all REO properties.

 

[Mr Rex]

Appendix A is for FHA REOs. Most other REOs have lender specific requirements, including the REO addendum with 3 listings and 4 values based on a lender specified marketing time. You do not have to be FHA approved to do non FHA REO appraisals.

 

[Cowbell]

Thank you, Rex and Greg. I am not sure if the order is from a M & M contractor...it's from an AMC for a "1004 URAR FHA REO". How can I tell if it's for a M & M contractor?

 

[RSW]

I agree with the other posts and would like to add that the FHA REO is to be done "AS IS" and only one value unless there is a a lender specific requirement. I've never been asked to provide the REO addendum for a FHA REO appraisal.