Washington State has a couple of regulations that require certain safety features are installed in a home before a buyer can purchase it. When these items are not installed in the home at the time of the appraisal, or if the appraiser cannot easily find them, then the appraiser or underwriter will require that these items be installed prior to closing. This can potentially delay the closing and/or increase cost if the appraiser has to go back to the property to re-inspect for the missing items.
FHA Adopting Appraiser Independence
October 12, 2009 by 1 Comment
FHA appraisals will soon seem similar to those of Fannie and Freddie’s HVCC. I’m hopeful from reading the Mortgagee Letter 2009-08 that FHA’s route of improving the relationship between appraisers and loan originators will be healthier than HVCC’s (where the banks are profiting from their ownership interest in the unregulated AMCs). [Read more…]
FHA Appraisals Tougher starting April 1st – No Foolin’
March 26, 2009 by Leave a Comment
HUD is adopting Fannie and Freddie’s reporting requirements for declining markets. Per Mortgagee Letter 2009-09, as of April 1, 2009 appraisals for all FHA insured mortgages must include the Market Conditions Addendum. Be prepared for second appraisals and limits to cash-out refinances if your property is determined to be in a declining market. From HUD’s letter: [Read more…]
