• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

USDA appraisal

Status
Not open for further replies.

DeKay Bayliffe

Thread Starter
Sophomore Member
Joined
Oct 16, 2006
Professional Status
Certified Residential Appraiser
State
Alaska
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):shrug:
 

Blueprint

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
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

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Many forms are available with a la mode.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
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

Elite Member
Joined
Feb 20, 2002
Professional Status
Licensed Appraiser
State
Wisconsin
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. :shrug:

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.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks