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REO Appraisal

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sam strahan

Junior Member
Joined
Jan 17, 2003
Professional Status
Licensed Appraiser
State
Texas
I have been asked to do a HUD REO appraisal. Lender says its a conventional loan. However, it is done like an FHA appraisal, with VC sheets and everything. Any suggestions how to approach this.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Same as you would with any other appraisal.
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Sam

I'm not tracking something.

The subject was a HUD REO? Is the subject being sold and the new loan is conventional? The subject is not being sold FHA?

Why would any conventional lender want a vc form? Doesn't make sense and have never heard of such a thing.
 

EDWARD BERRY

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Happens often, they might be making a good contractor with good credit a rehab loan a need to know what repairs are needed.

Been there-ed
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Randy:

Ditto Ed's comment. I am seeing more of these from non HUD REO management companies... when they REALLY want to know some phsyical condition information: it is at least a familiar format and somewhat standardized as to what defines a repair condition, requiring comment.

However one needs to be very careful to ammend any boiler-plate to indicate that HUD is NOT an intended user, and that the purpose of the appraisal is simply to give the lender a slightly more complete idea of what repairs were observed....

I would also use a little extra CYA commentary to indicate that it is NOT a home inspection than I would with HUD as an intended user. I would also specifically indicate that the borrower is not an intended user of the data contained in the VC: perhaps even emulating the Homebuyers addendum, but with a little extra spice.
 
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