Incurable Obsolescence?

[residentialguy]

HOC?

Local HUD/FHA Homeownership Center and talk to DeU (Direct Endorsement Underwriter)

 

[J Grant]

Why would an appraiser want to take on the liability or burden of rejecting a property? Shouldn't that be up to the lender or FHA to make a decision?

 

[DARREN GODFREY]

Local HUD/FHA Homeownership Center and talk to DeU (Direct Endorsement Underwriter)

You know...one way or another I will get this property rejected...I talked to over with my buddy who has a bit more knowledge of construction and the problem by lie with the house being built into a hill that does not drain away from the house. Leading to freezing water next to the foundation in the rear , leading to cracking , which someone repaired poorly...but once it poured ..... so this house may just be a time bomb. I say this because during my observation I did noticed what I though might have been recently poured concrete to the rear. There was also a crude recently installed crude french drain leading from the area of the slab foundation that is actually underground.

Like I said , don't think my name will be going on it.

 

[J Grant]

If you think there are drainage problems then make it subject to inspection?

 

[DARREN GODFREY]

Why would an appraiser want to take on the liability or burden of rejecting a property? Shouldn't that be up to the lender or FHA to make a decision?

Well I am pretty sure this will be subject to inspection if it goes forward. My question to you is wouldn't it be a greater liability to put be coerced into writing a report with out sufficient data. The just don't build properties on slab below grade around here....

 

[DARREN GODFREY]

If you think there are drainage problems then make it subject to inspection?

If I do write this report , it will be based on hypothetical conditions at best. I cannot be written as is...waaaay too much going on.

 

[Carlos Danger]

Save yourself and others the headache and walk away for the assignment.

 

[J Grant]

If I do write this report , it will be based on hypothetical conditions at best. I cannot be written as is...waaaay too much going on.

FHA is either subject to repair , subject to inspection, or as is. I have no idea what you mean by based on a hypothetical condition. I agree with Carlos, if this particular property sounds beyond expertise to evaluate how to handle it no problem withdrawing. I've withdrawn from a few assignments and never regretted. When it is my decision to withdraw I do not charge for inspection or time spent, but the few times I made the decision I did not regret it.

 

[Mr Rex]

Whats the big deal. Call for inspection by a professional engineer and repairs by a licensed general contractor. So now your value is based on an property that does not have the issues you observed.

 

[DARREN GODFREY]

Whats the big deal. Call for inspection by a professional engineer and repairs by a licensed general contractor. So now your value is based on an property that does not have the issues you observed.

True subject to and hypothetical.