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Question: Convert Conventional To FHA

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Julia Young

Sophomore Member
Joined
Feb 23, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
i did conv appraisal last week. Completed but subject to a licensed roofer inspection due to BUR flat roof with stains on decking. Before a final inspection, the AMC asked to convert report to FHA. I agreed to reinspect after case # is assigned under FHA specs new date etc. My question: Do I need to disclose that a prior 'conventional' appraisal performed on the subject or does it mislead their client because the loan/buyer switched from conventional to FHA. Help on how you handle this?
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Never hurts to disclose.
 

Howard Klahr

Senior Member
Joined
Oct 4, 2004
Professional Status
Certified General Appraiser
State
Florida
While you do need to disclose the prior service as noted in USPAP, you do not need to convey that the prior report was for a conventional loan.
 
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