New FHA Assignment , 2 lot

[MTM Valuation LLC]

Good afternoon guys, been kind of mulling this over for the last day or so.... Got a new assignment, FHA .. for a single family, normal job, reading the contract there are 2 lots with their own independent parcel i.d numbers.. realtor thinks that FHA is going to approve the loan, i explained FHA guidelines to my client and they want me to proceed with the assignment and appraise only the subject and its lot and not the excess lot.

my question is should i proceed with this assignment or withdraw myself?

 

[J Grant]

Good afternoon guys, been kind of mulling this over for the last day or so.... Got a new assignment, FHA .. for a single family, normal job, reading the contract there are 2 lots with their own independent parcel i.d numbers.. realtor thinks that FHA is going to approve the loan, i explained FHA guidelines to my client and they want me to proceed with the assignment and appraise only the subject and its lot and not the excess lot.

my question is should i proceed with this assignment or withdraw myself?

?? If you feel competent, then proceed; if not, withdraw. How can we answer that for you?

 

[MTM Valuation LLC]

Not at all worried about competency, concerned with this being a red flag kind of assignment for FHA

 

[JTip]

Are they on the same deed? You said it's NOT excess, so that's not an issue.

Really not a big deal.

 

[J Grant]

Not at all worried about competency, concerned with this being a red flag kind of assignment for FHA

Its the kind of assignment they might scrutinize more, but that is not necessarily a red flag.

 

[MTM Valuation LLC]

they are not on the same deed, they have 2 individual lots one with the subject one vacant ... both have their own deed and parcel id ect ect... thats the part I was referring to

 

[CGinMN]

Proceed with valuing the subject on the primary parcel. The vacant parcel, included in the contact, can’t be included on the mortgage, but buyer and seller can come to terms on that separately.

 

[J Grant]

FHA has its own guidelines wrt a second vacant parcel included with the sale ( but given no value in the appraisal ) - unless that has changed. Look up the FHA guideline on it and follow it.