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OK, Fess' up

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Tim Hicks (Texas)

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Alright, which one of you guys (or girls) is the one who told a lender that new home construction does not have to be 100% complete to get a satifactory completion from the appraiser? Every time I get an order for a final inspection, I hear "well, its almost complete, but as long as it is 90-95% complete, you will do the final won't you?" I have always stood my ground and said "no, the home has to be complete and ready for occupancy", but obviously I am the only appraiser in America that has that policy. Is this a clever ruse passed around by loan officers throughout the land or are there some of you out there actually doing a final with no carpet, no electric, water or gas meter, no glass mirrors or shower glass, no appliances, a half paved drive way,etc.? Obviously, somebody out there must be falling for it or I would not get the question every time. Come on, which one of you is responsible?
 

jim farrelly

Sophomore Member
Joined
May 8, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
i didnt do it. but, i have a really straight forward policy. no occupancy permit, no final.
 

TC

Elite Member
Gold Supporting Member
Joined
Jan 31, 2002
Professional Status
Certified Residential Appraiser
State
Pennsylvania
I think that LO is trying to pull one over you. You would have to be nuts to say the property is 100% complete when in fact it is not. The lawyers would have a field day on that one.

TC
 

Rick Neighbors

Senior Member
Joined
Jan 19, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Tim,

We can narrow down the area of the culprit, because you and I are from the same general area and I am having the same problem. The last 3 new constructions that I have done, I have had to 'splain" that complete means complete. The kitchen cabinets have to be installed, then the countertops, then the sinks, then the plumbing.....you get the picture. I made 4 trips. They finally got the message when the trip fee bills started coming to them in the US Mail.
On one of the completion inspections that wasn't complete, I sent them a completion inspection form stating that and listing all that wasn't complete. I guess they funded the loan anyway because they have never called be back out. You don't suppose someone else did the completion for them do you? Hmmm?! Maybe they got the same appraiser that you are talking about.
 

J in Florida

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Tim, you are way too picky. Buyers and county inspectors are ok with 90% complete, so should you :twisted:

Just kidding.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
According to the builders, loan officers, processors, Realtors.... I'm the only one in NE Florida that actually wants it complete before I sign that it's complete.

Even had a builder that wanted me to take a picture of the house next door so it would show the sod in. First and last job I had for that builder. Maybe I am the only one here.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Not finished means no $$$$$$$. Hard nosed in that area, but I know of ones who are not. :roll: The ones I have the most trouble with are owner contracted homes. "Why do I need landscaping, I am going to sod the lawn next spring." Sorry, all of those tree stumps have got to be removed. AND you told me a paved driveway, not dirt. :evil:
 

jtrotta

Senior Member
Joined
Jan 16, 2002
A small rule of thumb i use - it's new to the market place - and it's called -
P H O T O ' s; I tell all my builders the same thing when I do the original inspection;

when you call for a "Final" - I need to get in and take three interior photo's and I need a copy of; "Certificate of Occupancy" OR you will not be able to close 8O All my "Clients" expect me to produce this data for them, and we've been doing it this way for 20 years.

If done this way there are no questions later on; hey if it's not 100% complete, you'll have to pay me again for another inspection. Point; Set; Match -

Globemasta 8)
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
In my area the local planning department issues a "Certificate of Occupancy" which I call for in the report as well as calling for it being "100% complete." If the home can't be legally occupied it ain't much in the way of collateral.......99.9% of the "final" inspections I am called to do are not done. Hey, more money for you......right?
 
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