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.
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FHA Subprime & RTFR
9 posts • Page 1 of 1
by Edd Gillespie on Fri Feb 08, 2008 10:02 am
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.
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?
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by Edd Gillespie on Fri Feb 08, 2008 10:28 am
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?
- Edd Gillespie
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by Jim Plante on Fri Feb 08, 2008 12:21 pm
MB's are still around; they're trying to use FHA as the new subprime.
Jim Plante
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by Mako on Fri Feb 08, 2008 2:00 pm
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?"
Do you know some asshole did certify those foudations without ever seeing a single house!!!
Sometimes I just cannot beeeeeeeeeleeeeeeeeve what goes on in this business.
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?"
Do you know some asshole did certify those foudations without ever seeing a single house!!!
Sometimes I just cannot beeeeeeeeeleeeeeeeeve what goes on in this business.
Is that Bob Dylan I hear? "The Times They Are A Changin."
- Mako
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by Jim Plante on Fri Feb 08, 2008 3:07 pm
And that's why I'd require ground-penetrating radar (or a ground-penetrating backhoe) and a surveyor before certifying distances between well and septic. But there are assholes in this profession who'd say, "Well, the owner says the septic line runs about like this, and the well's down that hill a ways, so I guess it's OK.""Can't you just give us a piece of paper certifying they're undamaged?"
Do you know some asshole did certify those foudations without ever seeing a single house!!!
Sometimes I just cannot beeeeeeeeeleeeeeeeeve what goes on in this business.
I've heard of one guy who actually certified a property to conform to FHA MPS when the septic was uphill less than 100' from the well. Another guy (and I inspected this one) had a privy 78 feet from his wellhead--and uphill from it! Just effing brilliant.
Jim Plante
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by Mako on Fri Feb 08, 2008 7:01 pm
Jim Plante wrote:And that's why I'd require ground-penetrating radar (or a ground-penetrating backhoe) and a surveyor before certifying distances between well and septic. But there are assholes in this profession who'd say, "Well, the owner says the septic line runs about like this, and the well's down that hill a ways, so I guess it's OK."
I've heard of one guy who actually certified a property to conform to FHA MPS when the septic was uphill less than 100' from the well. Another guy (and I inspected this one) had a privy 78 feet from his wellhead--and uphill from it! Just effing brilliant.
Ya know, back in the day...I looked into buying some of this expensive inspection equipment for my business. But I quickly discovered people only wanted a rubber stamp when it came to home inspections as well. I've still got a carbon monoxide detector (reason I quit smoking)...it's in the garage somewhere collecting dust.
____________________________________________________
I don't know about nowadays, but back in the 20th century...sweatshop owners passed the FHA exam & sent their 'green-in-the-gills', unsupervised, unlicensed wannabe's into the field to conduct inspections.
I can only hope things have changed!
Is that Bob Dylan I hear? "The Times They Are A Changin."
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by Denis DeSaix on Fri Feb 08, 2008 10:30 pm
Jim Plante wrote:MB's are still around; they're trying to use FHA as the new subprime.
I'm begining to see that.
I'm surprised, however; doesn't FHA limit the broker fee?
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