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VA New Construction

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Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
my pal is also a VA appraiser and said he got a call from the VA and the UW stating that unless a home is move in ready the property should be marked as proposed construction. anyone else do it this way? i havnet. my friends home was move in ready except for appliances and bathroom cabinets. i have always marked that as existing construction.
 

Dublin ohio

Senior Member
Joined
Mar 20, 2008
Professional Status
Licensed Appraiser
State
Ohio
my pal is also a VA appraiser and said he got a call from the VA and the UW stating that unless a home is move in ready the property should be marked as proposed construction. anyone else do it this way? i havnet. my friends home was move in ready except for appliances and bathroom cabinets. i have always marked that as existing construction.

Would think that it should be checked "under construction".
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
Would think that it should be checked "under construction".

VA logic... we arent allowed to use the term under construction. its either proposed or existing.
 

Confident Rabbit

Senior Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Washington
VA logic... we arent allowed to use the term under construction. its either proposed or existing.
Might be an RLC thing... I've used "under construction" without question, but only when the home is "under construction" (Denver RLC).

[Thread Drift]
However, in all appraisal assignments, the Appraiser needs to confirm the Owner of Public Record at the time of preparation of the report. On VA Cases for Proposed, Under Construction, or New Construction, If the Veteran is the Owner of Public Record, It Is A Refinance.

It is a refinance, even if the home isn't built yet. Took me a while to wrap my head around that. :)[/Thread Drift]
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
If it is ordered as "existing less than one year old" on the 1805 it needs to be complete to buyer preference stage. You can not appraise it as proposed unless ordered as "proposed" on the 1805.
 

WarEagleFL

Freshman Member
Joined
Feb 20, 2006
Professional Status
Certified Residential Appraiser
State
Florida
Per the FL/MS/AL RLC:
New Construction
Appraisal orders for new construction and proposed construction are sometimes confused. Appraisals should be processed as new construction whenever possible as it will save time for everyone involved.
Under the General Description block on page one of the URAR, these appraisals are marked “Existing.” New Construction should be marked As Is (if fully completed) or Subject to the following repairs
(if Customer Preference Items need completion) in the Reconciliation Section on the bottom of page two of the URAR. Never mark New Construction cases “subject to completion per plans and specifications”.
 

A Brit in California

Senior Member
Joined
May 6, 2006
Professional Status
Certified Residential Appraiser
State
California
I have been doing VA for many many years. If a house is started but not finished it's always marked under construction.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I like to follow the FHA's appraisal protocol on this type of property. Less than 90% is under construction. 90% or more is existing and subject to MPR repairs. I always ask the agent about what the percentage of completion is before I set up that appointment. I take a form with me and fill it out what in the field to see what the complete % is. Less than 90% I call the Lender and ask them what they want me to do. 90% or more I do it subject to MPRs. I've not had any problem with that.
 

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
I like to follow the FHA's appraisal protocol on this type of property. Less than 90% is under construction. 90% or more is existing and subject to MPR repairs. I always ask the agent about what the percentage of completion is before I set up that appointment. I take a form with me and fill it out what in the field to see what the complete % is. Less than 90% I call the Lender and ask them what they want me to do. 90% or more I do it subject to MPRs. I've not had any problem with that.

why would you care how complete it is? ill inspect dirt i dont care i just mark it appropriately and move on to the next one.
 
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