crawl space - Appraisers Blogs

AMCs Have Failed

Guest Author — Mon, 19 Feb 2018 13:30:57 +0000

…it will be the appraisal management companies that are going to be held to the fire, not the appraiser… In the spring of 2002 my wife and I bought our third house; an older cape cod in a great school system where our son would start kindergarten in the fall and his sister the year after. This house literally was 1970 inside. It had deep red shag carpet in the family room and sculptured avocado green carpet upstairs. Not to worry, it blended well with the sunshine yellow stove, bright orange counter top and turquoise and pink bathrooms. After 3...

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Requests from Lenders with Specific Statements

VaCAP Board — Wed, 04 May 2016 12:30:25 +0000

Lenders’ Requests, C&R Fees, Email Blasts, SOW, Unlicensed AMCs and more… What is the best way to ensure you receive a customary and reasonable fee for an appraisal? Answer: Only accept assignments with a customary and reasonable fee! That being said, here is a reminder of a USPAP requirement to consider before you respond to that email or text blast…. Scope of Work Rule Identify the problem to be solved. Determine and perform the scope of work necessary to develop credible assignment results. Disclose the scope of work in the report. Comment: Scope of work includes, but is not limited...

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FHA 4000.1 Handbook FAQ

Dave Towne — Thu, 24 Sep 2015 12:30:54 +0000

FAQ PDF Document In June 2015, the Denver HOC conducted a webinar (or perhaps live class) training on the ‘then upcoming’ new FHA 4000.1 Handbook. Questions were submitted, and the answers were compiled into a FAQ PDF document (posted at the end of this article). Many of the questions were submitted by underwriters or other non-appraisers, but some were from appraisers. You will have to read through the 8.5 page FAQ PDF attachment to find appraisal related info. However, the one question and answer below may help alleviate the fears of some appraisers: Q. Does the appraiser have to note...

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FHA Attic Inspections

Dave Towne — Fri, 04 Sep 2015 12:30:46 +0000

FHA Attic Requirements FHA Appraisers, FHA has always had a requirement for appraisers to inspect ‘attics’. However, HUD/FHA does not have a real definition of ‘attic’ in their documentation. Because there is no definition of ‘attic’, assumptions have been made by FHA and appraisers that the ‘attic’ includes any space above the ceiling and below the roof inside dwellings – despite that space in modern design homes typically not having any flooring. An appraiser in WA State, not me, was concerned about this inspection requirement and sent an inquiry question to HUD/FHA. Their response is below. Be sure to read this...

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