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Homebuyer Summary

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liznindy

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
I know the VC sheets are not required for proposed construction or homes under construction....therefore, I am assuming the Homebuyer's summary form is also not required.


Is this correct?

Liznindy
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Liz...

You're right. No HS required.

When you do the CIR (final Compliance Inspection Report) Form HUD-92051 (7/87), submit a front photo and rear photo, too. I also include a Street Scene.

Good luck.
 

AC King

Sophomore Member
Joined
Jan 20, 2002
According to an e-mail I received from Jeannine M. Bowers/HUD/DEN; if the property is proposed or under construction, "then a Compliance Inspection Form completed by a HUD Fee Approved Inspector is mandatory."

I appraised a property that was almost completed except for the installation of the appliances and some of the floor coverings. I completed the compliance report as requested by the lender. It was rejected and had to be reinspected by the "Approved Inspector."

I inquired about becoming one of the "Approved Inspectors" and was informed that "FHA is not accepting Fee Approved Inspector applications at this time." This was the end of January, 2002.

Just a note of caution, be careful when reporting the extent of completion of a property under construction.
 

WOODRUFF

Freshman Member
Joined
Jan 31, 2002
A C King is correct. I have had several lenders request finals from me, however, appraisers are not allowed to do them. I also got this direct from the Denver HOC. A number of questions such as this will asked and answered at the FHA/HUD update/training seminar in Houston on March 1, 2002. Go to gccnama.org for info on the seminar. Hope to see you there!

Ed Woodruff, MSA
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
I will clarify my post above:

I was referring to the CIR HUD-92051 on a property that an Appraiser can be requested to do the final inspection: A townhouse within an approved project qualifies.

There's other types of finals too, HUD-92800.5B and HUD-92300.
 
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