- Jan 5, 2004
- Professional Status
- Certified Residential Appraiser
I'm having trouble getting my head around this one. FHA REO property. I have serious doubts about its structural soundness. (The basement floor has been dug down about 2 feet below the foundation walls, I assume to give enough headroom to finish the basement. So picture an oreo where the top cookie is the main floor, white center is the foundation wall going down and the bottom cookie is dirt; the foundation wall at the bottom has no lateral support. Also, the upstairs floor is completely wobbly wonky; not a level stretch to it. I am again assuming the main floor has been remodeled upteen times without permits & who knows what kind of load bearing walls have been moved and or removed.) I've been in contact with the client who has agreed to an "as is" value with no "as repaired" value. My question is, can a simply recommend a structural inspection per client request, or do I have to require one? There is no way this dump meets FHA MPRs (how it got an FHA loan to begin with is beyond me).