USDA appraisal

[DeKay Bayliffe]

I just received an appraisal order for a USDA loan. It is my understanding that this is pretty much like an FHA appraisal. So far, no problem. The property is new and is not 100% completed. For ex. it has the floor padding in the bedrooms but no carpet, the interior doors are on the premises-but not hung, missing face plates, etc. Oh, and the only running water I can find is in the kitchen. How do I handle this? I'm stressing out because the builder is does large amounts around town and this is the first time he's let me do an appraisal for him. I want to do a good job. Is there special forms in wintotal for USDA? What about the home not being completed? Oh, and let's not forget the water issue. Someone please help. This is due in 2 days; which is completely unheard of up here. (we usually have a 5-7 day turn around)

 

[Blueprint]

I feel you. I know nada about the USDA. It that your client? With no Fannie/Freddie requirements, use a general form to eliminate extensive liability. They do exist yet I have never used them. I have wintotal like you. I could find it if needed.

 

[Blueprint]

Many forms are available with a la mode.

 

[Greg Bell]

They usually adopt the same criteria as FHA.Check with your client to see if they have any special forms that are required.

 

[Ray Miller]

If this were in the area I cover something does not quite smell right. It not the builder that lets you do an USDA appraisal, it is the USCS Office, USDA Office or Federal Land Bank Office.

In the area I cover you also need to be on the approved list of such offices. The assigments are then rotated between those appraisers on the list. Each office has it own list. I am on four such area offices list here in Wisconsin. Same for doing and ERC for the USDA in the area I cover. :icon_question:

You may want to read the Farm Services Bulltin at http://edocket.access.gpo.gov/cfr_2002/janqtr/7cfr761.8.pdf (that is an underscore between the cfr_20 if you go to type it in)

A course or two from the ASFMRA is also helpful to take.

Hope this helps.

By the way there is no lender or builder pressure from these offices. The builder gives you a problem report them to the USDA office. That will in most cases shut the door on thier tail.