Who decides if appraisal is "as is" or subject to completion/repairs?

[Caterina Platt]

Hey Mike,

Caught me getting defensive. Oooops

I have been known to try and help people choose the right product, but you're correct. Some cannot be saved from themselves and will not be easily trained.

 

[NC Values]

Mike,

An As Is appraisal is what the OP wants. Great, but what exactly are they going to be able to do with it once they get it?


What does "OP" stand for?

 

[Caterina Platt]

Hi Courtney,

Original Poster

 

[Terrel L. Shields]

borrower and lender are trying to fit a square peg in a round hole

yep.

what exactly are they going to be able to do with it once they get it?

that's their problem except that the appraiser does have to know FHA rules and if the client is asking for an "as is" value to a rambleshack house and expect FHA to not kick the report back....at some point you go back to the lender and say, Do you REAAAAAAALLY want that? Ask them to discuss it with the direct underwriter and get back with you. Keep all communications in writing. If they call, then immediately email back and ask they confirm what they said...spell it out for them and make them respond. Otherwise when the UW rejects the report, you don't have a lender blaming you...

 

[Betty H Church]

Just to throw another kink in the links - What if you are doing the FHA appraisal for an AMC, you tell the AMC the property won't pass FHA guidelines (because you cannot talk to the lender direct). AMC then talks to the lender, and the lender doesn't give a rat's patooie. Is the appraiser then suppose to contact FHA/HUD direct, or just finish the report "subject to" inspections by qualified people and hope that someone actually reads the report and notices that it is a POS?