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My first FHA Appraisal...

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pgerarde

Thread Starter
Junior Member
Joined
Mar 5, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
:? Hey guys, I just received my first FHA appraisal and wouldn't you know it...it feels, umm, wrong/strange???

Got an order for FHA appraisal. Lender says that they have a March appraisal when the home was going to go conventional. Now owner is going FHA and can not use the original appraisal as appraiser not only is not FHA approved but has gone out of business.

They want me to use original appraisal, I said no way. Two of three comps over 6 months old. They agree to new appraisal. Great!!

I now notice that all three of the comparables used by the original appraiser are over 20 larger. Two are also located a more desirable area, a golf community and have much larger lots. Original appraiser ignored recent sales of comparable homes from within subject's immediate area.

I pulled new comps. The original appraiser valued home in $120,000s. Comparable homes are actually in $80-90,000s. Previous appraisal appears way over valued...

:?: My questions If I remember right, once I have received a FHA case number, I finish the appraisal...no matter what the value. Am I remembering correctly??? Should I convey the lower range to the lender at this time or just complete the appraisal and submit??? Also do I submit appraisal to the lender and they forward to FHA?

Thanks for your help. :D

Patti in Chino Valley
 

AC King

Sophomore Member
Joined
Jan 20, 2002
If you have a copy of the FHA assignment sheet with your name, an FHA Case #, and the property address; complete the appraisal and submit it to the lender. Remember the cliets are the lender and HUD. If you do not have a copy of the assignment sheet, get one before proceeding. That's for your protection when you attempt to collect on the "busted" sale.
 

Douglas Mackay

Sophomore Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Montana
I agree...complete it and deliver to the Lender/client. They will in turn submit it to your local HOC. Good luck!

Doug :wink:
 

bradellis

Member
Joined
Jan 16, 2002
p-

Your client is the lender- only. HUD is an intended user but not the client.

Brad Ellis, IFA, RAA
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
Patti,
It is just like any other appraisal, in that you do not KNOW the value untill you have completed the analysis. So you as an appraiser are not, at this time, at liberty to express an opinion of value to your client. Complete the appraisal, and then decide if you want to (express) report this verbally, on a form, or in narrative, taking into consideration the wishes and needs of your client.
 

pgerarde

Thread Starter
Junior Member
Joined
Mar 5, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
:D Thanks guys for all your help. I really appreciate the feedback.

Thanks,
Patti in Chino Valley, AZ :D
 
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