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Cliff Salisbury

Senior Member
Jan 16, 2002
Professional Status
Retired Appraiser
I have a lender that wants a appraisal for a 203 k. Do you actually do two seperate appraisals? Any thoughts or suggestions would be greatly appreciated , since I have never appraised a home for a 203 k.


Ben Vukicevich SRA

Senior Member
Feb 9, 2002
Professional Status
Certified General Appraiser
New Jersey

The two separate appraisals is up to the lender. Some want them. Some don't.

If they do: one is as-is. The other is as-repaired-typical FHA appraisal.

203K "as-repaired" is just like new construction-no VC Sheets or HBS. You will have to review the consultant's work proposal to ensure that the subject will meet FHA MPS when repaired. If there are items on your MPS repair list that are not on the FHA consultant's list, contact him/her and have the work proposal modified to include your repair items. You are still responsible for the subject meeting FHA MPS..don't depend on the FHA consultant. Also, you must reflect in value any proposed improvements on the FHA consultant's list: new roof, windows, heater, kitchen,etc

BE SURE TO LOOK FOR SMOKE DETECTORS when you complete your inspection. If they are not there, and they are not on the consultant's work proposal, make him/her add them to the proposal. They are a requirement for 203k loans. Some consultants don't know about that one.

Outside of that, eveything else is in 4150.2 on 203k's

Regarding the property inspection: some lenders want you there along with the buyers and the FHA consultant. I don't want to be near either one. I go by myself and do the typical FHA appraisal. I then wait for the consultant's report and review it based on my MPS requirements. Personally, I think it's too much confusion with the buyer and the FHA consultant following along during the inspection.

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