• 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.

Weird New Conditions

Status
Not open for further replies.

Leigh Lindsay

Thread Starter
Freshman Member
Joined
Jan 1, 2003
Professional Status
Licensed Appraiser
State
California
JFYI - Just posting recent lender conditions I received. These were on 2 separate appraisals - not FHA...

1. "Appraiser to verify utilities are on" - They weren't, it was a vacant bank repo.

2. "...state whether subject needs termite inspection." Attached townhome.

What the heck?
Read the SOW U/W!

Anyone else getting similar conditions?
 

Chuck Harlowe

Freshman Member
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Virginia
It sounds like the underwriter thinks these appraisals are FHA and there using old VC sheet terminology.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
Your report should have made it clear to the reader that the utilities were not on at the time of inspection and that you could make no determination as to their functioning or condition. A statement in the section on pg 1 of the 1004 under condition or physical deficiencies is in order. You goofed on this one.

As to termites, if you are located in a medium to high infestation area but did not see any evidence of bugs during your inspection, you could warn the reader that it might be a good idea to have the property inspected by a "qualified" bug inspector. Let the UW make the bug inspection decision if you did not see anything suspicious.
 

Bill_FL

Senior Member
Joined
Aug 23, 2002
Professional Status
Certified General Appraiser
State
Florida
Leigh, perhaps the utilities are now on and the would like to pay you to go back to the property to verify they were actually turned on.
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
Leigh, how did you check to make sure the light fixtures were working? How did you check for hot water? How did you check for heat?

Do you check those on regular appraisals?
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
I do, it doesn't cost me any more to do the job right.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
You are the eyes of your client. It was a repo/REO. They simply want to know if they will be receiving a utility bill or they want to make it available for showing after dark, or for security purposes. Not uncommon.

As for termites, The certification states you are not a pest inspector. So, maybe they are asking you from a marketing standpoint, should they get it inspected?

What's the big deal?
 

Vegan702

Senior Member
Joined
Feb 24, 2005
Professional Status
Certified Residential Appraiser
State
Nevada
I guess I do and just never thought about it. Its 30 degrees outside so I guess I would notice if I walked in and it was also 30 degrees inside. Most of the time there are some lights on, and when I take pictures I turn the light on in that room. If I am not taking a picture though then I don't think I turn the lights on except for when I walk into the garage as it usually pitch black. Water, I don't check. If the grass is green I know they have water, whether it is hot or not, who knows. Guess it wouldn't hurt to flip a faucet on every now and then to check for hot water.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I guess I do and just never thought about it. Its 30 degrees outside so I guess I would notice if I walked in and it was also 30 degrees inside. Most of the time there are some lights on, and when I take pictures I turn the light on in that room. If I am not taking a picture though then I don't think I turn the lights on except for when I walk into the garage as it usually pitch black. Water, I don't check. If the grass is green I know they have water, whether it is hot or not, who knows. Guess it wouldn't hurt to flip a faucet on every now and then to check for hot water.

Kinda spooky if you are in an REO and have to go to the bathroom. It's like "hit or miss."
 
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