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Look What I Stepped Into

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athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Haven't been doing too much FHA lately. Got a request for an FHA yesterday which is less than a mile from an inspection I already have scheduled for today. Stupidly, I accepted it before doing any research. Although the assessor's photo may be dated, it appears the property is going to need a lot of repairs. Any words of advice from the veteran urban FHA appraisers would be appreciated, just want to know if anyone has any CYA stuff I may not want to miss.
Thanks in advance for the help.
 

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Joined
Feb 3, 2004
Professional Status
Certified Residential Appraiser
State
Kansas
I know this isn't helpful but that house is friggin ugly! Is it an apartment of some sort?
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Be prepared to spend a lot of time at the site. Make detailed notes because you will be required to provide a cost to cure for any items which need to be corrected in order to meet minimum property requirements. You'll also need to do some due diligence in regards to the orientation of the improvements to the lot... It looks like it might be inside the set backs. Cover yourself in case there is an encroachment from either of the two properties.

Yuck.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Frame 2 unit, built 1888. Lot next door is owned by same owner as subject but has seperate PIN, will not be included in valuation. Big wall on the other side of vacant lot is an active railway. Also located on a one way dead end street (just kidding).
 

Charles Witt

Senior Member
Joined
Dec 13, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
One way in or out....or up or down? :rof::rof::rof:
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
Remember, only health, safety and stability (structural) issues need to be repaired.
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
Haven't been there yet. Assuming HO lives in 1 unit and the other is tenant occupied. Typical layout would be common entrance in front with door to first floor unit, stairs leading up to second floor unit, open rear porch with stairs from second floor to ground level. If I come across anything interesting I will post photos.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
doesn't FHA have something to say about exterior walls being accessible for maintenance?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I'd go look at it before worrying, it could be in better shape than indicated by an older assessor pic. But it is kindda ugly! LOL
 
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