Frederick
Senior Member
- Joined
- Nov 2, 2005
- Professional Status
- Certified General Appraiser
- State
- New Jersey
I recall in the webcast that they said that an FHA appraisal should resemble a conventional appraisal however the Appendix D inspection protocol still needs to be followed.
Appraisers do not require anything. The appraiser reports conditions. Keep the monkey on "their" back, not yours.
At the end of my FHA appraisal I quote Mortgagee letter 2005-48 and then list the items I deem to be non-compliant with HUD Minimum Property Requirements (MPR) or questionable. Elsewhere I note cosmetic items. It appears as follows:
HUD Minimum Property Requirements
As per Mortgagee Letter 2005-ML-48: "property conditions that may represent a risk to health and safety of the occupants, or the soundness of the property must be repaired." It is the appraiser’s opinion based upon HUD handbook 4150.2 Appendix D that the following repairs are necessary to fulfill that requirement. The lender, however as per Mortgagee Letter 2005-ML-48 "must review the appraisal to determine if the appraiser has reported any property conditions that will affect the health and safety of the occupants or the security and the soundness of the property and require immediate repair where the property condition poses a threat to that criteria."
Well, septic and wood-boring insect testing, are customary or required by law in this area prior to transfer of title.
It is the opinion of the appraiser that the following readily observable conditions pose a threat to the aforementioned criteria and with their repair will render the subject compliant with HUD Minimum Property Requirements:
Appraisers do not require anything. The appraiser reports conditions. Keep the monkey on "their" back, not yours.
At the end of my FHA appraisal I quote Mortgagee letter 2005-48 and then list the items I deem to be non-compliant with HUD Minimum Property Requirements (MPR) or questionable. Elsewhere I note cosmetic items. It appears as follows:
HUD Minimum Property Requirements
As per Mortgagee Letter 2005-ML-48: "property conditions that may represent a risk to health and safety of the occupants, or the soundness of the property must be repaired." It is the appraiser’s opinion based upon HUD handbook 4150.2 Appendix D that the following repairs are necessary to fulfill that requirement. The lender, however as per Mortgagee Letter 2005-ML-48 "must review the appraisal to determine if the appraiser has reported any property conditions that will affect the health and safety of the occupants or the security and the soundness of the property and require immediate repair where the property condition poses a threat to that criteria."
Well, septic and wood-boring insect testing, are customary or required by law in this area prior to transfer of title.
It is the opinion of the appraiser that the following readily observable conditions pose a threat to the aforementioned criteria and with their repair will render the subject compliant with HUD Minimum Property Requirements:
