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Newly constructed home

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jmedina

Freshman Member
Joined
Jun 28, 2007
Professional Status
Licensed Appraiser
State
California
Hello fellow appraisers;

Question. I did an appraisal inspection today on a newly constructed home completed back in april 2008. The subject is 100% completed with no deficiences noted at the time of appraisal inspection. Do I need to request construction plans, etc, etc from the lender? I know we need to do so if the construction is less the 90% or if it is proposed. This is my first new home FHA assignment.

Any advice would be greatly appreciated from any fellow appraisers. thx
 

Mark to market

Junior Member
Joined
Nov 14, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
If the home is complete you do not need the plans.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
You are correct. If the home is more than 90% complete you do not need the plans and specifications from the builder.

Revised Appendix D, Page D-1

C. “Subject to the following Repairs or Alterations”
1. Repair or Alteration Condition(s) noted by the appraiser, or
2. Streamline 203K, or
3. Under Construction, more than 90% complete with only minor
finish work remaining (buyer preference items i.e., floor coverings, appliances, fixtures, landscaping, etc.). This eliminates the need for construction exhibits.


Hope this helps.
 

jmedina

Freshman Member
Joined
Jun 28, 2007
Professional Status
Licensed Appraiser
State
California
thanks a lot fellow appraisers. Just wanted to make sure. I appreciate your help on this matter.
 
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