HUD made good on its promise to issue revised guidance on how appraisers should handle appliances in FHA appraisals. The latest revisions to HUD Handbook First, the Handbook now states specifically what is considered…. McKissock offers the best courses I've taken.
They're easy to understand and concise. In some cases, you may notice some additional features to this section, and revised language that gives more clarity or guidance for appraisers and lenders. From HUD Most with even a passing familiarity with FHA appraisal rules know about the FHA guidelines regarding lead-based paint.
Houses built prior to may contain lead paint and peeling paint is not considered just a cosmetic problem in such cases. McKissock offers the best courses I've taken. They're easy to understand and concise.
I feel like I'm leaving the course moving forward in my career. I love McKissock courses because I can learn at my own pace. Tanks must be equipped with a clean-out plug at the lowest point and a suitable pressure relief valve.
The Appraiser must note any readily observable deficiencies regarding the well and require test or inspection if any of the following apply:. The Appraiser must also be familiar with the minimum distance requirements between private wells and sources of pollution and,. The Appraiser is not required to sketch or note distances between the well, property lines,.
When available, the Appraiser should obtain from the homeowner or Mortgagee a copy of a survey or other documents. The Appraiser must include a legible street map showing the location of the subject and each of the comparable properties,. If substantial distance exists between the subject and. The Appraiser must include a building sketch showing the GLA, all exterior dimensions of the house, patios, porches, decks,. The Appraiser must show the calculations used to arrive at the.
The Appraiser must provide an interior sketch or floor plan for Properties exhibiting functional obsolescence. The appraisal establishes the value of the. A transaction involving a foreclosure transfer to a mortgagee is not evidence of the Market Value, and is not a valid type of. The common types of property transfers listed below require investigation and analysis to ensure that they meet the. The Appraiser must include a minimum of two active listings or pending sales on the appraisal grid in addition to at least.
Are you cool with my sharing this? You are commenting using your WordPress. You are commenting using your Google account. You are commenting using your Twitter account. You are commenting using your Facebook account. Notify me of new comments via email. Notify me of new posts via email. They want us to use list prices to determine a market condition adjustment. Handbook B Standard The Appraiser must identify defective conditions.
Required Analysis and Reporting The Appraiser must observe, analyze and report defective conditions and must also provide photographic documentation of those conditions in the appraisal report.
If inspection is required, the Appraiser must cite the reason for requiring an inspection. B Non-Residential Use of Property 1 Standard The non-residential portion of the total floor area may not exceed 49 percent.
Non-residential use may not impair the residential character or marketability of the Property. The non-residential use of the Property must be legally permitted and conform to current zoning requirements. Storage areas or similar spaces that are integral parts of the nonresidential portion must be included in the calculation of the non-residential area.
The Appraiser must comment on any non-residential use within the Property and state the percentage of the total floor area that is utilized as non-residential. The Appraiser must report whether the non-residential usage is legal and in compliance with current zoning requirements. The Appraiser must determine and report the marketability of the Property based on this analysis.
The Appraiser must note whether there is safe pedestrian access and Adequate Vehicular Access to the site and analyze any effect on value or marketability.
The Appraiser must report evidence of a permanent Easement. A Definition Excess Land refers to land that is not needed to serve or support the existing improvement. The highest and best use of the Excess Land may or may not be the same as the highest and best use of the improved parcel. Excess Land may have the potential to be sold separately.
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