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Streamline Appraisals

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BJ

Thread Starter
Sophomore Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
What repairs if any are required on the VC sheets when doing a streamline appraisal? I've been told by a couple clients that most repairs that would otherwise need to be done aren't necessary. If this is the case, how would the VC sheets need to be filled out (say there is a broken window) and what comments should be made on the main body of the URAR that reflects that the appraisal is "streamlined"?

Thanks in advance,
BJ
 

AC King

Sophomore Member
Joined
Jan 20, 2002
For an FHA to an FHA stream-lined appraisal the site visit for visual observations of any minimal property deficiencies is the same as all other FHA site visits. The VC Addendum is to be completed according to what was noted during the site visit. The DE Underwriter has the option of waving all VC noted deficiencies except for any lead based paint abatement requirements.

The appraiser MUST complete the VC Addendum noting any and all deficiencies. Some lenders may require repairs of some of the other deficiencies as a condition of the loan.
 

Bill S

Junior Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Illinois
My understanding is that the VC sheets don't change with the exception of not requiring a termite inspection. It is up the the underwriter to wave any repairs
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ditto, do a regular FHA appraisal. VC's and all, but it is not subject to repairs, that is a UW call.
Mell.
 

Ron in AR

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arkansas
Again, looks like I'm the odd man out.

It has been my experience and I have been told by HUD (in fact it was a question on the HUD test if I remember correctly) that the only repair you should list on an FHA streamline refi is for lead based paint. No other repairs are required.

Ron in AR
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ron,
You are correct. On a refi, lead paint repair is a requirement if there is a problem noted. That was in one of the previous post, so you are not as odd out as you think. :)
 

AC King

Sophomore Member
Joined
Jan 20, 2002
Ron in AR & M Leggett,

The answer as provided in the FAQ's on the HUD website under question 2 is "On streamline refinances with appraisals, all that is required is the VC form, not the Homebuyer Summary. Although FHA does not require repairs (except for lead based paint repairs) on streamline refinances with appraisals, the lender may require completion of repairs as a condition of the appraisal."

Since "the lender may require completion of repairs as a condition of the appraisal" the lender must know what repairs were noted during the FHA site-visit.

It is left to the DE Underwriter to make the final determination.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Ohhhh, I fell like a dog chasing my tail round and round. Getting dizzy. 8O
 

wade3333

Senior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Georgia
Mell, you better be careful getting dizzy in those mountains of north Ga. Wade
 
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