VA New Construction

[Digger88]

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]

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]

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.

 

[Dublin ohio]

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

Thanks for the clarification. Do not do VA. Learn something new everyday

 

[Proactive]

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)]

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]

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”.

 

[Tru Red]

I have been doing VA for many many years. If a house is started but not finished it's always marked under construction.

 

[RSW]

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]

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.