NJ Valuator
Senior Member
- Joined
- Feb 23, 2003
- Professional Status
- Certified Residential Appraiser
- State
- New Jersey
Foundation had some cracks so I made report "subject to inspection" by a qualified professional since I am not qualified to determine what, if any, repairs are needed.
As per selling guide, "The lender must decide if the inspection(s) is required and whether the property meets eligibility requirements. If the property does not meet eligibility requirements, the lender must provide satisfactory evidence that the condition has been corrected or repaired prior to loan delivery. In this case, the appraiser is not required to review the professionally prepared report, re-inspect the property, or provide a Form 1004D. The lender must document the decision and rationale in the loan file."
Foundation was repaired. Now they want a 1004D and for me to sign off that it is satisfactorily completed.
I explained that I am not required to provide a 1004D because I did not call for the repairs; I left it up to the lender to decide.
Am I handling this correctly?
As per selling guide, "The lender must decide if the inspection(s) is required and whether the property meets eligibility requirements. If the property does not meet eligibility requirements, the lender must provide satisfactory evidence that the condition has been corrected or repaired prior to loan delivery. In this case, the appraiser is not required to review the professionally prepared report, re-inspect the property, or provide a Form 1004D. The lender must document the decision and rationale in the loan file."
Foundation was repaired. Now they want a 1004D and for me to sign off that it is satisfactorily completed.
I explained that I am not required to provide a 1004D because I did not call for the repairs; I left it up to the lender to decide.
Am I handling this correctly?