VA Appraisal Of New Construction

[Don Clark]

Letterhead is still accepted at Roanoke RLC: Email Mar 25, 2014;

See the attached circular released yesterday that allows for appraisers to use the 1004D, Part B, Certification of Completion to certify completion of repairs.

Additional changes to highlight:

1) Appraisers may still use their letterhead for repair inspections.

2) Photos are now required; it is stated that both photos of completed repairs are expected to be included with the inspection/certification as well as photos of items of non-compliance must be included.

This is the correct procedure. It may vary in other RLC's.

 

[Tim Hicks (Texas)]

1004D is fine here in Texas. They expect it to be uploaded to the VA portal under "correspondence" for the assignment. Also, there is no 95% rule. The rule is down to "buyer preference items."

 

[Digger88]

Not true.

I use the Satisfactory Completion form. Have recently done 3 finals, and several hundred over the years. have never used the 1004D and have never had a directive from Roanoke stating that "we must". They have said we "could" use the form.

must of read it wrong then.

 

[gregb]

Letterhead completion report is ok for Phoenix RLC.

 

[Tim Hicks (Texas)]

Also, if the property is not complete to buyer preference items, you have to wait until it is to that level to complete the appraisal. You can only use the plans and specs if ordered as a "proposed" assignment.

 

[Charlotte Dixon]

Also, if the property is not complete to buyer preference items, you have to wait until it is to that level to complete the appraisal. You can only use the plans and specs if ordered as a "proposed" assignment.

Mysterious......We received Circular 26-06-01 in February 2006 (Procedures Modification for Processing Proposed and Under Construction Cases) which states. "If the local authority performs the required foundation, framing, and final inspections and issues a C of O or equivalent, V.A. will accept the CO for the property as evidence of local authority inspections and satisfactory completion of construction". There's much explanation in that circular.
In our area, only MPRs are subject to a V.A. final inspection (safety items, etc.). If the lender still requires a final inspection for carpeting or other items not completed, that final is outside V.A. guidelines, and we can charge what we want. Of course, lots of wording goes into the report stating all of the above. (I'm in the Cleveland Region)

(and we can use either the 1004D Satisfactory Completion Report, or our letterhead)