Help VA Appraisers.... Any experts in here that really know the handbook I need help

[Joe Flacco]

I usually ask the agents for the resale package if I need condo docs.

 

[Joe Flacco]

The number of units section gets filled out from tax records and MLS.

 

[Tiffany Gibbons]

Got in a fight with USAA. They're my new favorite lender to hate. They actually told me to go pay for the Condo Questionnaire myself, rather than just coordinating with the agents/sellers.... WHY IS THIS SO EFFING DIFFICULT FOR LENDERS!??!?!?!!!!!

Anyway, USAA refused to provide the condo questionnaire on a VA Loan for a condo in a MASSIVE project. VA Rep told me Lenders are required to provide that to appraisers and if they refused, to leave the section blank. I couldn't leave it blank due to UAD requirements so I used E/Os in every section and described that the lender did not provide the data.


Now, I know the "Condo Questionnaire" is a FNMA thing. And VA does not require compliance with FNMA (even though we are required to use FNMA's forms). Does anyone know if at some point in the past the VA did require lenders to provide the condo questionnaire? Why does "everyone say" lenders are required to provide that to VA appraisers but I can't find the quote.

I'm almost wondering if it's something similar to the thing with manufactured homes.

Ie: 26-7 requires manufactured homes adhere to HUD guidelines (which are defined in the HUD Handbook 4000.1. The HUD Handbook requires if there are any physical attachments to the structure that it is inspected and confirmed the structural integrity wasn't compromised and foundation still complies with HUD guidelines. VA 26-7 doesn't specifically mention this requirement but it does have a catch all that says MH's must conform to HUD guidelines....

Is there something like that for condos? WHY THE F ARE WE REQUIRED TO FILL OUT THE DARN CONDO PROJECT SECTION IF WE CAN NEVER GET THE DATA?!?!?!?! I need a way to solve this. I'm getting way too many condo orders and with VA you can't just decline or reassign. What am I supposed to do when I can't get the data and lender refuses to supply?

Filling out the questionnaire is not the appraiser's job.

 

[Tiffany Gibbons]

Do you know the condo association contact? Have you spoken with them?

They usually have a professional management company running the HOa and usually a website with the budget info, CCRs etc. Hope she made sure it was on the VA approved condo list. I think I'm "seasoned". I'm a little salty for sure.

 

[Zoe]

They usually have a professional management company running the HOa and usually a website with the budget info, CCRs etc. Hope she made sure it was on the VA approved condo list. I think I'm "seasoned". I'm a little salty for sure.

I'll give you a break. You worked for Mike and your from Tennesee. LOL

Salty. I haven't heard that term in a while. You know salt was an expensive commodity in the old testament. They used it to buy things in the old testament.

 

[Zoe]

Op, it is not like you are appraising the whole condo development. If you are, you need to upgrade your license.

Page 2 of FNMA form. My comment: "Condominium budget not provided."

That is not your Problem.

Hopefully you have some sales in that development. You can get anything else you need from the condo association management.

If you feel like you need that budget, let the lender get it for you.

As Tifanny said. It needs to be approved by VA or FHA as a condo association. I would think on conventional as well.

The title opinion people take care of most of that for the lender.

 

[Zoe]

The title opinion people want the lien the lender is placing on the condo as secured and clean as possible. The lawyers want the lender 1st in line if they foreclose on the property. Sometimes the lender don't mind being second in line. In a bankruptcy and/or foreclosure, the person second in line has small chance of collecting the debt on the recorded mortgage.

 

[Tom D]

Besides that, you all know fannie want you all to read the condo docs, saw that in their past news letters.

In this case, options:
make best guess from MLS/public records.
Condo Questionnaire isn't free anymore around here, not cheap to get, time wise ain't a manager rush to do.
Larger project usually has an on site manager, they are usually very helpful. Maybe seller has a phone no or email. But sometimes, shoot yourself 1st, less painfull.
My lenders don't get one, so i write in report that info was not attainable and is estimated. No issue from that.
If i call and they give me a email address of the person, and phone, i call a couple of times. But, emailing questions to the manager usually gets an answer back in a day.

For these reasons i don't like doing condos. Although i do have a collection of project info from past appraisals.

 

[shrubberyvaluation]

The number of units section gets filled out from tax records and MLS.

This is what I do

 

[Zoe]

Besides that, you all know fannie want you all to read the condo docs, saw that in their past news letters.

In this case, options:
make best guess from MLS/public records.
Condo Questionnaire isn't free anymore around here, not cheap to get, time wise ain't a manager rush to do.
Larger project usually has an on site manager, they are usually very helpful. Maybe seller has a phone no or email. But sometimes, shoot yourself 1st, less painfull.
My lenders don't get one, so i write in report that info was not attainable and is estimated. No issue from that.
If i call and they give me a email address of the person, and phone, i call a couple of times. But, emailing questions to the manager usually gets an answer back in a day.

For these reasons i don't like doing condos. Although i do have a collection of project info from past appraisals.

My last one was a little 4 unit development. Not a fun project. Had to go all over the place for comparables. They had prior appraisal on the unit. He showed me the appraisal. I didn't use any of the prior appraisal comparables. It appraised way over sales price. That was the only beauty of the assignment. No sales in the 4 unit development. The homeowners were the condo association.

The prior appraisal was the seller buying the appraisal to sell it. The seller was the client of the prior appraisal. It was really recent appraisal.

I wrote down the prior appraiser comparables and went and took pictures of them at the same time. I didn't use any of them. I could have.

I don't think any of them were condos on the prior appraisal. I had some single family I could have used. Anyway, it appraised way higher than sales price. Everybody was happy.