FHA 203k appraisal guidelines (resources)

by Kathy Roberts , Monday, June 15, 2009, 18:26

I have been asked by a company to do an FHA 203k loan appraisal.

I originally turned down the appraisal order for lack of experience with this type of loan.

They called me back and said noone would do the appraisal. Could I get the knowledge and do it anyway.

I'm thinking the appraisal should be done 'subject to' completion of the repairs and improvements indicated in the purchase and sale.

An FHA 203k loan allows for a home to be remodeled after the original purchase. So the P&S for this report has 20 pages of improvements listed with the total cost for each.

The selling agent, informed me that I was to do 3 appraisals. One 'as is' with no work orders. One 'subject to'..... And then a 442 completion after work is done.

What do you all think??? Any advice?

Kathy