Newly constructed home

[jmedina]

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]

If the home is complete you do not need the plans.

 

[RSW]

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]

thanks a lot fellow appraisers. Just wanted to make sure. I appreciate your help on this matter.