• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

lender says go do final on cost to cure.....

Status
Not open for further replies.

Christine Marie

Senior Member
Joined
Jan 6, 2003
Professional Status
Certified Residential Appraiser
State
Mississippi
I did an appraisal for a lender i have been doing business for years, the mortgage loan officer was new to the company, but my relationship with the lender was not. (incidentally, the l.o. had been a previous client at another lending institution). I went and inspected a home for a full appraisal and marked the report 'as is' with a cost to cure. Several days later the loan officer calls and tells me to go do a final on the cost to cure items.... I thought :roll: "hmmmpf... this is different" I asked my co-worker if he had ever done a final on cost-to-cure and his answer was no, so i called the loan officer and most politely as possible inquired "why?" :roll: . He informs me that it was by order of the underwriters....(in my mind, i am thinking~'newbie underwriter?') :roll: any way, i went back to the house and did a final on the cost to cure items, then sent them a bill for a final! No big deal, except that I have decided that if I am going to do finals on all cost to cures as a result of 'cracking' down on loans, I will be very financially set by the end of year 2003. :twisted:
 

Judy Whitehead (Florida)

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I have done re-inspects on items that needed to be repaired before...it is usually up to the underwriter and sometimes the type of loan. FHA will always require a re-inspect, or what you call a final. I kind of don't like doing them, as in reality sometimes you can't really charge enough for your time lost, but it is not rare in this area to be asked to do that.
 

Christine Marie

Senior Member
Joined
Jan 6, 2003
Professional Status
Certified Residential Appraiser
State
Mississippi
thanks for your quick reply.... yes, i too have done finals for FHA. but this was unusual because it was for a conventional loan. :roll: "whatever makes the Underwriter's happy is my motto, unfortunately, it doesn't appear to make my checkbook any happier"
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Christine,

You ought to charge for that!!!!! I don't go anywhere for anybody for less than $75.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Easy Money! The only problem I have is scheduling these things. They always call 1 day before closing (or on the day of closing).

Roger
 

Pine Tree

Junior Member
Joined
Aug 19, 2002
Professional Status
Certified Residential Appraiser
State
Maine
This just happened to me! I completed report "as is" and U/W wants a door secured.. And a re-inspection.. I find these things decidedly inconvenient.. and agree they are not cost effective in most cases.. But off I go tomorrow to get the photo required. Just when I think I have figured out U/W's they get weirder! :wink:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Unfortunately it comes with the territory. Bite the bullet and do the inspection. Most final inspections here are $75
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
If your appraisal was "as is" with non-completed items adjusted for in the sales grid and the cost approach under "cost-to-cure", the requirement for a final is an under writing requirement for the loan. They (the UW's) have decided that they are not going to accept the house as security in its present condition (work needing to be completed) and have told the owner to fix those items if he/she wants the loan

You can do a re-inspect to see if those items are no longer an issue regarding value. You can also go back and update the value contained in your report to reflect the removal of these items from the report or you can append an addendum stating what has transpired and the new value as repaired.

This may be a new broom at the lender or it may be that we are seeing the toughening of UW guidelines, given the many foreclosures out there.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks