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More odd underwriter requests

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JP Truce

Thread Starter
Freshman Member
Joined
Jun 17, 2008
Professional Status
Certified Residential Appraiser
State
Washington
u/w is requesting a 3rd party bid for lead based paint mitigation....

Does anyone know anything about this type of request??
 

Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
JP,

I'm thinking we might need more details.

Do you have lead base paint issues with the subject?

Is it an FHA loan?

Have you provided a cost to cure?

Any other details you can provide will help.:)
 

JP Truce

Thread Starter
Freshman Member
Joined
Jun 17, 2008
Professional Status
Certified Residential Appraiser
State
Washington
Sorry! This is an FHA 203k Rehab. Home built prior to 1978 and lead based paint was called in several area of the home interior and exterior. We did not provide a cost to cure as part of the report.
 

Metamorphic

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
California
The haz mat contractors I've worked with are not likely to make a formal bid unless they see the job and have a SOW with the expectations defined, and they're not likely to waste the time to put together a bid for an appraiser who's never going to actually let a contract to do the work. If they're in a good mood, they might give you a ball park on a cold call, but that's it.

I'd tell the UW you're not a contractor and its beyond your scope, expertise, and EnO insurance to scope out and arrange haz waste removal activities.
 
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Caterina Platt

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
New Mexico
Ok. I think I have a better grasp now.

The request for the lead based paint remediation is not out of line. You don't even have to do much more except include the amount in your cost total when you make your comments....'I have reviewed the work write up in the amount of $23,000, blah, blah, blah.' You don't request the bid. It is obtained by the 203K loan officer, the consultant and/or borrower depending whether they are using the standard 203K program or the Streamline. You just wait for them to submit it to you. This is not a part of your scope of work.

Have you turned in the appraisal already? If so, you'll need to amend your report to include this in your hypothetical condition and work write up total. Make sure that you note your report as 'Amended'. I'll even do the signature date like 9/21/08, rvs'd 10/2/08 so that it's clear on several sections of the report that there may indeed be another version of this appraisal out there.

If you're doing As Is and As Repaired, you'll need to consider the effect on your As Is value.

Hope this helps.
 
Last edited:

JP Truce

Thread Starter
Freshman Member
Joined
Jun 17, 2008
Professional Status
Certified Residential Appraiser
State
Washington
Thank You

Thank you both for the input. I appreciate the expertise.
 
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