Non Approved Project

[NJ Valuator]

FHA Single-Unit Approval is the responsibility of the mortgagee, correct? I do not make the report subject to Single Unit Approval do I? But rather I just mention that the project is not FHA approved.

 

[Mike Ault]

FHA Single-Unit Approval is the responsibility of the mortgagee, correct? I do not make the report subject to Single Unit Approval do I? But rather I just mention that the project is not FHA approved.

I have worked with lenders to gather some information so that they could obtain a condominium project spot approval, even going so far as videotaping one entire project for the FHA regional field office, but I have never made a report subject to that approval. That falls under the lenders purview.

 

[glenn walker]

No the lenders determine that.
The FHA Underwriters have lists of approved or not approved projects.

 

[sputnam]

FHA Single-Unit Approval is the responsibility of the mortgagee, correct? I do not make the report subject to Single Unit Approval do I? But rather I just mention that the project is not FHA approved.

That's not your problem as appraiser. As appraiser, your problem is to develop and report a supported opinion of value.

 

[Sadie]

That's not your problem as appraiser. As appraiser, your problem is to develop and report a supported opinion of value.

True, but the inability to get a certain kind of financing can adversely affect the sales prices. Its your responsibility to see if it does affect pricing.