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New Construction Questions

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Monica Otto

Thread Starter
Freshman Member
Joined
Mar 1, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I am doing my first new construction FHA, have done several FHA not new construction,and am finding out they are quite different. I am getting conflicting information and the manual is not clear. I need help, please. The home I am appraising was recently completed. Apparently I need: plans, specs, builder's certification, warranty as if proposed; no VC sheets; subject to a final inspection by a HUD approved compliance inspector, and a Form 1007 for cost approach. Is all of the above correct, and is there anything else I should have or should know? I did not find 4150.2 to be very complete in these instructions - where else do you all get your information on completing FHA appraisals? Thanks, Monica
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Monica, check out the HUD Homeownership Center Reference Guide from the HUD web site. There is a section in there that pretty much explains how to handle new construction.
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Hi, Monica, welcome to the forum!

The information that rtubbs referred you to should help quite a bit. The stuff you listed sounds about right. I'm not that far away from you and I have sent you an email with my contact numbers in case you need any further help.

There are a lot of smart folks in here (wish I was one of 'em!) with tons of experience, so don't hesitate to ask if you need more help.
 

Monica Otto

Thread Starter
Freshman Member
Joined
Mar 1, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for the info and the offer of help. I think I am on the right track now.
 

Bryan Reynolds

Sophomore Member
Joined
Jun 10, 2002
Professional Status
Certified General Appraiser
State
Kentucky
Generally HUD like to see a marketing expense in the detailed cost approach.

References to the page numbers from a cost manual or a copy of the page is also recommened unless you are using local builder estimates which are probably more accurate anyway.


NO VC sheets!!!


They dang underwriters. I always ask How can I open one window per room when the windows haven't been installed yet??? lol

Good Luck
 
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