HUD REO Work

[Doug in NC]

I am considering doing some HUD REO work, but I would like to find out what their requirements are and if the pay is worthwhile for all the work. I assume they want a standard REO appraisal with at least 3 comps & 3 listings, plus repair addendum. Do they want as-is, as-repaired, plus 120 day marketing values? Do they want listing photos? I have heard they pay at least what a standard lender appraisal fee is, but it would take some awesome volume to do work for that rate. What about VC sheets and performing a home inspection on these? If a regular HUD appraisal (with home inspection & VC sheets) is required, plus the typical REO addenda, I would think the fee should be nearly double what a standard lender fee pays.

Feel free to contact me via PM or email if you prefer: aa i@nc.rr.com (NOTE: an extra space has been added between "a" & "i" of my email address to hopefully prevent email harvesting). Thanks.

 

[Nathan Markley]

Doug,
Take a look in the HUD handbook 4150.2, Appendix A. In my area all the REO work is done through a contractor who also markets the property. I don't like working for half price so I don't bother with them. Like you said, it's a lot of work.
NM

 

[Jo Ann Meyer Stratton]

Go to HUD.gov look for the Management and Marketing Company for your area, contact them to find out who is ordering the REO appraisals. Read Mortgagee Letter 00-27---memorize that, the ML explains exactly what needs to be in a report and what needs to be done for a HUD REO.

 

[Doug in NC]

Jo Ann,

How do I find that mortgagee letter? I looked around for it a bit on the HUD site, but their site is very confusing and difficult to navigate. They could use some help in developing a more user-friendly site.

Doug

 

[Jo Ann Meyer Stratton]

http://www.HUD.gov
click on appraisers at lower right hand side
Arrow down to All Mortgagee Letters
Select the one that you want


To find the M&M contractor for your area

Click on Possible subcontracting opportunities
Property Management Single Family M&M contractos
Arrow down to your area

 

[Nathan Markley]

Must have been snoozing! :asleep:
Thanks for bringing me up to speed
nm

 

[moe cohen]

Does anybody know how long does it take for FHA to put an appraiser on their roster after they receive the paperwork?
Moe

 

[Pamela Crowley (Florida)]

I don't know the timing now. Have you checked their web site to see if you're on it?

 

[moe cohen]

Pam
I sent it over a month ago. I dont see it on the web site.
Thanks, Moe

 

[Pamela Crowley (Florida)]

Try calling your HOC tomorrow about it and ask them. Can't think of anything else to do.