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what is a Form 442?

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Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Thanks, Jo Ann for that very informative response! I only have the 442, 1978 version. It seems everytime I go out for a Final, grading, seeding and sometimes driveways are not completed. I had become very attached to that Reinspection (RIF) form because it was set up: Exterior, Interior, System Operations, Grade/Seed/Driveway. Then there was a space to indicate estimated cost to cure, and finally, a tally of all of those things. The lender would then times my estimate by 1.5. But that form is gone. I just didn't like the 442 bottom line saying that "these changes do not adversely affect any property ratings or estimate of value".......An uncompleted driveway, or no grade and seeding, or water not operational would definitely impact my appraised value. Many times the lender calls for a final and says it's 100% complete, I get there, and it's not. Trip charge, sure! But, what a waste of time. The 442 appears to be devised for DONE DEAL....everything complete.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I always thought a 442 was an engine in an oldsmobile!

You can request they have the utilities turned on to determine if the heating systems works. Another fine reason not to do FHAs!
 

Charlotte Dixon

Senior Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Delaware
Mike,
I don't do FHA appraisals. And, we all know by now that when we ask if the utilities are operational, everyone says "Oh, Yeah"... :roll: "Sure" :roll: and, of course they are :x NOT
 
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