Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Looking for some guidance regarding underwriters authority to sign off on appraisalconditions. I've completed alot of appraisals in which the home had no functional electricity or water on the date of my inspection. I condition the appraisal for functional mechanical systems. If the lender receives a report from the Home Inspector indicating that all utilities are functional, isn't that good enough proof for the underwriter to sign off on the appraisal condition?
Does it matter if the utilities were functional before I inspected the property or the inspection was completed after my inspection? I don't see the point in sending me back to check mechanical systems if there is a home inspection report that indicates they are fine?
The home inspector was not hired by the lender to verify value and property condition, you were. You are the only one authorized to update your report.
I am in the process of having a house built. appraiser came out when its was half done and i have to pay $150 for them to come out again when its finished after i get my C of O before they will finalize the mortgage. C of O should be enough to let them know its done imo.
Looking for some guidance regarding underwriters authority to sign off on appraisalconditions. I've completed alot of appraisals in which the home had no functional electricity or water on the date of my inspection. I condition the appraisal for functional mechanical systems. If the lender receives a report from the Home Inspector indicating that all utilities are functional, isn't that good enough proof for the underwriter to sign off on the appraisal condition?
Does it matter if the utilities were functional before I inspected the property or the inspection was completed after my inspection? I don't see the point in sending me back to check mechanical systems if there is a home inspection report that indicates they are fine?
In the past, yes (unless FHA or VA). We use to accept a buyer's statement that all was working fine. No more. It now must be the appraiser that physically inspects the property for said condition. FRAUD IS AT ITS ALL TIME HIGH. The devil's advocate says, who's to say you (not "you" literally) didn't change the address on the report? We use to accept the local municipality's OP (or RUP) as the final inspection for new construction......no mas. It's a sign of the times = make sure there is no reason to kick that loan back in the secondary market.
I am in the process of having a house built. appraiser came out when its was half done and i have to pay $150 for them to come out again when its finished after i get my C of O before they will finalize the mortgage. C of O should be enough to let them know its done imo.
The C of O certifies that the house is fit to live in. It doesn't certify that the house was finished according to specs and plans. If the specs call for marble counter tops and the finished product is low builders grade type counter tops there could be a value issue.
HVCC and appraiser independence compared to the inspector who has no governing body and may have a reason to take short cuts. The appraisers word is always going to be more valuable.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
