Silly Ethical Question

[ZZGAMAZZ]

The subject was the basis of a recently-completed conventional reverse mortgage assignment . . . extremely large lot that comprised about 75% or more of the total value.

Same lender via the same AMC wants to know if in my opinion the property would qualify for a FHA loan.

I can bring myself up to speed regarding HUD appraisal standards for dirt road maintenance, private utilities, etc. . . . but I'm personally concerned that the lender is preparing a FHA pitch to the borrower who is a nice, hard-working guy, because HUD standards for the valuation of Excess land might reduce the prior Opinion of Value by more than $1m.

I have no actual reason to think that the lender has an alternior reason, nor do I have any responsiblity to accept an additional assignment--although times are tough and $1,000 for a day's work is very appealing.

If I'm offered but decline the additional assignment, and another appraier presumably is selected, would it be appropriate for me to contact the owner to caution him about the potential. loss in value of a FHA appraisal, based on my obligation to maintain public trust???

 

[glenn walker]

Y

The subject was the basis of a recently-completed conventional reverse mortgage assignment . . . extremely large lot that comprised about 75% or more of the total value.

Same lender via the same AMC wants to know if in my opinion the property would qualify for a FHA loan.

I can bring myself up to speed regarding HUD appraisal standards for dirt road maintenance, private utilities, etc. . . . but I'm personally concerned that the lender is preparing a FHA pitch to the borrower who is a nice, hard-working guy, because HUD standards for the valuation of Excess land might reduce the prior Opinion of Value by more than $1m.

I have no actual reason to think that the lender has an alternior reason, nor do I have any responsiblity to accept an additional assignment--although times are tough and $1,000 for a day's work is very appealing.

If I'm offered but decline the additional assignment, and another appraier presumably is selected, would it be appropriate for me to contact the owner to caution him about the potential. loss in value of a FHA appraisal, based on my obligation to maintain public

No leave the owner alone but frankly I'm not sure your qualified to be giving advice on real estate or financial planning or dating.

Decline the assignment you have pre conceived bias. Sorry I'm so rude but if I was a MD I'd tell you to get your will and last Testament prepared based on your last year of posting odd things.

 

[ZZGAMAZZ]

Y

No leave the owner alone but frankly I'm not sure your qualified to be giving advice on real estate or financial planning or dating.

Decline the assignment you have pre conceived bias. Sorry I'm so rude but if I was a MD I'd tell you to get your will and last Testament prepared based on your last year of posting odd things.

Seems that neither of us is qualified to opine on matters byond our horizon.... although I'm sincerely, and often amazed at how much you know about so many real estate issues way beyond what an appraiser would usually know..

 

[glenn walker]

Seems that neither of us is qualified to opine on matters byond our horizon.... although I'm sincerely, and often amazed at how much you know about so many real estate issues way beyond what an appraiser would usually know..

The difference is I know I am delutional at times and so I often set something aside for a day to think about it.

On issues like ethics I was told at
23 years old by the Master Dick Tong on Unethical and often illegal activities. On ethical behavior he stated if you have to ask or think about it then 90% of the time it's unethical or illegal.

On sex it was Walker remember a hard dick has no brains and it has no conscience until the next day.

Remember everytime you think about unprotected sex remember no girl gets just a little bit pregnant it's a 18 to 21 year financial and emotional sentence.

On Debt remember if you owe a man $5,000 and you can't pay it back out of desperation he may wack you but if you owe a man or
bank millions you have to be kept alive for them to get paid back.

RIP Dick Tong 1927 to 1995.

 

[sputnam]

If I'm offered but decline the additional assignment, and another appraier presumably is selected, would it be appropriate for me to contact the owner to caution him about the potential. loss in value of a FHA appraisal, based on my obligation to maintain public trust???

Definitely not.

 

[J Grant]

No to both questions you asked.

 

[J Grant]

The subject was the basis of a recently-completed conventional reverse mortgage assignment . . . extremely large lot that comprised about 75% or more of the total value.

Same lender via the same AMC wants to know if in my opinion the property would qualify for a FHA loan.

I can bring myself up to speed regarding HUD appraisal standards for dirt road maintenance, private utilities, etc. . . . but I'm personally concerned that the lender is preparing a FHA pitch to the borrower who is a nice, hard-working guy, because HUD standards for the valuation of Excess land might reduce the prior Opinion of Value by more than $1m.

I have no actual reason to think that the lender has an alternior reason, nor do I have any responsiblity to accept an additional assignment--although times are tough and $1,000 for a day's work is very appealing.

If I'm offered but decline the additional assignment, and another appraier presumably is selected, would it be appropriate for me to contact the owner to caution him about the potential. loss in value of a FHA appraisal, based on my obligation to maintain public trust???

You have no idea why they are asking if it qualifies for FHA- it could be about repairs. Say you do not know. Don't become liable for giving your opinion on something like this.

If it goes to another appraiser, do not contact the owner. In fact, I might advise you not to take the assignment if it goes FHA. IDK if the large lot is divisible or what, but if your value changes for FHA, get ready for a world of hurt. Just say you do not know if you can be impartial on the second assignment ( A second FHA assignment might not even happen). Every time I accepted a recent new assignment on a house I just appraised, I regretted it. One would think it is easy money - usually some weird thing is in play, which makes it the opposite.

It could be this borrower was turned down for conventional because of a credit score, which might be more lenient with FHA.

 

[glenn walker]

You have no idea why they are asking if it qualifies for FHA- it could be about repairs. Say you do not know. Don't become liable for giving your opinion on something like this.

If it goes to another appraiser, do not contact the owner. In fact, I might advise you not to take the assignment if it goes FHA. IDK if the large lot is divisible or what, but if your value changes for FHA, get ready for a world of hurt. Just say you do not know if you can be impartial on the second assignment ( A second FHA assignment might not even happen). Every time I accepted a recent new assignment on a house I just appraised, I regretted it. One would think it is easy money - usually some weird thing is in play, which makes it the opposite.

It could be this borrower was turned down for conventional because of a credit score, which might be more lenient with FHA.

Excellent Advice-Well thought out and executed in a professional manner.

 

[Dublin ohio]

Same lender via the same AMC wants to know if in my opinion the property would qualify for a FHA loan.

FHA requires appraiser to not include the excess land in the valuation. Would it qualify for an FHA loan? Unless there are mpr/mps problems, the property could probably qualify for FHA loan, but the value would be without the excess land component

 

[glenn walker]

FHA requires appraiser to not include the excess land in the valuation. Would it qualify for an FHA loan? Unless there are mpr/mps problems, the property could probably qualify for FHA loan, but the value would be without the excess land component

Excess or Surplus ? Based on areas ZZZ works my guess is lender may go FHA and another appraiser may not think it's excess land. A second opinion by another appraiser may be needed. Lol )