NC Appraising
Elite Member
- Joined
- Apr 28, 2006
- Professional Status
- Certified Residential Appraiser
- State
- North Carolina
Is it HUD that requires the property to be rated as "average" or is it the NEW HUD contractors that is requiring all properties to be rated as "average" or appraisers at fault?
Appraisal:
Appraisal:
FYI these appraisals are public records online that can be found online!!!!
Maybe this is why Fannie is going with a mandatory condition type of rating system.
Would you call these properties "average"?
From another past post:
I recently completed the teleconference for PEMCO. I have several issues with this new vendor.
1. The fee is $xxxx regardless of property type, complexity, or distance. You are also required to compete a follow up appraisal for $250 in 6 months if needed.
2. Turn time requirement is 3 days, 7 days a week. Reports are due on Sat and Sun.
3. Besides the extensive narrative PCR summaries and exact verbiage requirements the appraiser gets to spend an additional 30 minutes filling out a web portal with redundant data such as dates, GLA, h/a, dimensions, etc, etc.
4. Pemco expects appraiser to develop a value that will sell in 45 days. That would be a quick sale value not market value in many of my areas but PEMCO stated the appraiser cannot change the value definition and must state the 45 day value is the market value. IS THIS A HUD? I do not see this in any of the ML or Guidelines?
5. Pemco representative stated no item can be listed in fair condition if the property will be Insurable. If the property needs less than $5000 of repairs and will qualify for FHA, the appraiser is required to list all items at average- or better.
Appraisal:
Appraisal:
FYI these appraisals are public records online that can be found online!!!!
Maybe this is why Fannie is going with a mandatory condition type of rating system.
Would you call these properties "average"?
From another past post:
I recently completed the teleconference for PEMCO. I have several issues with this new vendor.
1. The fee is $xxxx regardless of property type, complexity, or distance. You are also required to compete a follow up appraisal for $250 in 6 months if needed.
2. Turn time requirement is 3 days, 7 days a week. Reports are due on Sat and Sun.
3. Besides the extensive narrative PCR summaries and exact verbiage requirements the appraiser gets to spend an additional 30 minutes filling out a web portal with redundant data such as dates, GLA, h/a, dimensions, etc, etc.
4. Pemco expects appraiser to develop a value that will sell in 45 days. That would be a quick sale value not market value in many of my areas but PEMCO stated the appraiser cannot change the value definition and must state the 45 day value is the market value. IS THIS A HUD? I do not see this in any of the ML or Guidelines?
5. Pemco representative stated no item can be listed in fair condition if the property will be Insurable. If the property needs less than $5000 of repairs and will qualify for FHA, the appraiser is required to list all items at average- or better.
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