http://www.realestateappraisertips.info/ – A Major AMC just released the “FHA Top Ten” Top 10 Ways To Reduce FHA Corrections Request
Here They Are:
“1.) Do not proceed with inspection until you have received the FHA Case Number. Once received, please include case number in the upper right hand corner of each page of the report.
2.) If the subject property is a manufactured home, do not proceed. Manufactured Homes are not eligible per Chase’s guidelines.
3.) Lender requires that appraisers include a statement that the subject meets or does not meet minimum FHA property requirements. If subject does not meet minimum requirements please complete report subject to and include itemized and estimated costs to cure.
4.) In the Cost Approach Section, include a site value for all properties (except condos).
5.) Include the Estimated Remaining Economic Life of the subject.
6.) Include all four sides of the structure in subject photos.
7.) Include photos of all required repairs, deferred maintenance or any other issues that affect marketability.
8.) If the subject has a private well or septic system, indicate whether public water and sewer is available. If so, please include the approximate cost to connect. Appraisers must also state the distance between the well and septic and confirm if it meets FHA and/or local code.
9.) The appraiser completing FHA Appraisal needs to be FHA approved.
10.)Effective May 1st all orders assigned to an appraiser must be completed by that appraiser.”
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