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VC Sheet on Proposed and UC Properties

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WIlliamMiles

Thread Starter
Freshman Member
Joined
Apr 27, 2002
I have been getting mixed answers on this question and the handbook is not clear (as far as I can tell).

What does one do with the VC sheet on proposed and under construction properties?

Some say to fill it out as if the property were complete. That is, mark everything with a no.

Others say to not mark any of the boxes on items that are not complete. That is, leave these items unmarked and comment at the end on them.

The third answer is to mark yes on items that are unfinished (as in the mechanical systems) and require completion.

Thanks!

Poe
 

Wally Jones

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The VC Sheet and Homebuyer Summary are not required for proposed construction or properties under construction. (See HUD's website, appraiser's section, "Frequently Asked Questions".)

Wally
 

WIlliamMiles

Thread Starter
Freshman Member
Joined
Apr 27, 2002
http://www.HUD.gov/offices/reac/pdf/sfa_faqappr.pdf

Handbook 4150.2, “Valuation Analysis for Home Mortgage Insurance”:
1. Is the Valuation Conditions Form required for existing properties (over one year old)?
Yes. The Valuation Conditions (VC) form is also required for existing properties less than one year old. The form is not required for proposed construction or for properties under construction.

Thanks. I did not know this document existed. I need to print this sucker out for study!
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Not only print out the 4150.2 but print out the National HOC Reference Guide and the Frequently Asked Questions. The Reference Guide over rides some info in the 4150.2, but the FAQ over rides some info in both the 4150.2 and the Reference Guide.
 
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