Appraisers' Free Forum

**Jim Plante** · Posted: Fri Feb 08, 2008 8:37 am Post subject: FHA Subprime & RTFR

Just had a MB call about an FHA report. "Underwriter says, 'Appraiser to provide addendum showing location of septic system and distance to well.'"

"There isn't any well," I said. "The subject's on public water, according to the owner."

"Well, could you just send an addendum saying that?"

"It's already in the report. Look in the Site section on page 1 of the URAR and read the comments."

"Oh. OK. I'll see if that's alright."

"Just in case it isn't alright, if you want me to certify distances between wells and septic systems, I'll need ground-penetrating radar and a surveyor. I'm not going to certify anything unless I'm sure of it, and that's the only way to be sure. So the appraisal fee just went up about $3,500 if this is a requirement."

"Well, I'm sure this will be OK."

It was.
_________________
Jim Plante

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

Did you ever feel as an appraiser that little pieces of you get torn off and scattered around? I thought all the MBs evaporated or are in the process of disappearing until we invent the next big thing. Erroneous?

I read an article that quoted an MB as saying MBs are really the victims of the investment bankers Without MBs he says, the consumers will suffer.
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**Edd Gillespie** · Certified General Joined: 13 Aug 2007 Posts: 2282

When somewhat the same issue was presented to the Denver FHA office, I was advised of an appraisal procedure described as "step & sniff."
_________________
Edd “In the real estate economy, there are no guarantees that reason will prevail in a market where emotions run high and the amount of misinformation runs deep.” Jonathan Miller in The Matrix. So what’s an appraiser to do?

**Jim Plante** · Posted: Fri Feb 08, 2008 11:21 am Post subject:

MB's are still around; they're trying to use FHA as the new subprime.
_________________
Jim Plante

Mako · Member Joined: 11 Aug 2007 Posts: 849

Ahhhhhhh...the good ole days.

I seem to remember every addendum I ever sent off beginning with, "As stated on page....................."

After the 'Shaker' of '01...or was it '02 (we're overdue)...I had a mortgage company call me and ask me to certify that the foundations--on all the homes I'd appraised over the past 3 months--were undamaged.

"Do you know how long that's gonna take? I'm gonna have to contact all the homeowners & tell them I need to reinspect for foundation damage! Do you know how well that's going to go over? Do you know how much I'm going to have to charge you?"

"Can't you just give us a piece of paper certifying they're undamaged?" Shocked

Do you know some asshole did certify those foudations without ever seeing a single house!!! Shocked

Sometimes I just cannot beeeeeeeeeleeeeeeeeve what goes on in this business. Rolling Eyes

_________________
Is that Bob Dylan I hear? "The Times They Are A Changin."

**Jim Plante** · Posted: Fri Feb 08, 2008 2:07 pm Post subject:

Mako · Member Joined: 11 Aug 2007 Posts: 849

**Denis DeSaix** · Posted: Fri Feb 08, 2008 9:30 pm Post subject:

**Jim Plante** · Posted: Fri Feb 08, 2008 11:14 pm Post subject:

No, but VA does.
_________________
Jim Plante