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Please Help!

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shadow77

Thread Starter
Freshman Member
Joined
Oct 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
I have an FHA assignment that I inspected this morning. When I got to the appointment I was suprised to find that in addition to the subject property, the owners recently moved another home onto the property. The additional house is basically a shell of a home with no interior finishings at all, no electric, broken windows, etc.. Is it true that if the repairs are in excess of $5,000 the assignment should be kicked back to the lender? If they decide to change it to convnetional will I still be able to complete the assignment since an FHA case # has been assigned?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
We need more information about the main original dwelling on the subject property. What condition is it in? Is it going to be the primary dwelling? How close is the other dwelling to it? Is it legal to have two dwellings on the site? We need more info. before we can give any advice.
 

shadow77

Thread Starter
Freshman Member
Joined
Oct 28, 2007
Professional Status
Certified Residential Appraiser
State
Florida
The original dwelling is in good condition. The owners are in the process of subdividing the land. They are giving the additional house to a family member and are in the process of having a survey done and having it approved by the county. The owner claims that everything has been taken care of, and that they are just waiting for the county to update their records. The 2nd structure is about 50FT from the original house.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
In that case I would require a survey showing the land divided and have it approved by the county and recorded with its own tax id #. Now, there is no problem. You can appraise the original dwelling on its own lot.
 
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