Flooring allowance in purchase contract

[William K]

Sounds like someone is getter their non-appraisal terms mixed up. If you do the appraisal "subject to" some condition then a "recertification of value" is needed when the condition is corrected. A "recerttification of value" in the classic sense is not a update or new appraisal. It's just confirmation by the appraiser that the conditions called for have been met. For HUD/FHA it would be reported on a CIR.



No. They purchase a home with old carpet and got the seller to give them some money for new carpet. The buyer did not purchase the home at the new carpet price. They purchased at the old carpet price.

MY BOLD

No I didn't mix up the term.m2:
I know what a "recertification of value is" and HUD will not accept a "recertification of value"! Does not matter if you do the appraisal "subject to" HUD will only accept a Re-inspection to assure the repair condition has been met and it is reported on the CIR HUD- 92051, which is a HUD Compliance inspection reporting form .
In addition if it was a conventional appraisal which was done "subject to" chances are the lender is going to require a Fannie form 1004D "certification of completion".