Appraisal "repair items" follow up ....

[nuggets321]

So if the appraiser noted in his report that the appraised value was subject to a few small holes in some basement sheet vinyl being repaired., does anyone know if that SAME appraiser has to come out to "inspect" these minor repairs or can the listing agent send photos post repair ??  I ask only because home is in a very rural area and the appraiser is absolutely swamped.....this could easily push my closing to where Im living in a motel....

[Anonymous]

Was this an appraiser or an inspector? As long as the appraisal came in high enough to justify the loan you shouldnt need him to come back out at all. 

[StartingOver10]

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@nuggets321 wrote:

So if the appraiser noted in his report that the appraised value was subject to a few small holes in some basement sheet vinyl being repaired., does anyone know if that SAME appraiser has to come out to "inspect" these minor repairs or can the listing agent send photos post repair ??  I ask only because home is in a very rural area and the appraiser is absolutely swamped.....this could easily push my closing to where Im living in a motel....

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If the appraisal has the repair items required, then yes, it has to be the same appraiser IME.  There must be a provision somewhere though in case the same appraiser is not available - but I don't know for sure. IME whenever there has been a repair item on the appraisal the same appraiser had to come out.

Edit:  pfarro1, for some loans, most especially FHA loans, the appraiser also does a mini inspection. Item requiring repair have to be repaired by closing or the deal won't close. Usually these items are health and safety items. This mini inspection is done by the appraiser and is done in addition to a regular home inspection. This link has a better explanation of the process:  http://www.fhahandbook.com/appraisal-guidelines.php

[nuggets321]

Thank you both for your input... it was an APPRAISER that noted the issue in his appraisal NOT an inspector... this purchase is a USDA Guaranteed Loan ( private lender but "guaranteed" by govt in the event of default on loan.. USDA has their hands in the "mix" but not to the extent of the USDA DIRECT loan... I ONLY went this route since the PMI is only .55%....and no $$ down..( If sellers would have been more cooperative with paying closing costs I simply would have gone FHA or conventional....thanks again

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[Lemmus]

...nuggets ...the 1st thing that came to mind was offering the Appraiser an incentive to revise his schedule ...but then they are licensed and I don't know if thats permitted (some how I feel a smack down coming from SO10 here) 

...I'm in almost the same situation except in my case the house has been vacant for more than a year in forclosure and thieves stole the well pump and filter system as well as the a/c compressor ...and I'm scared to death to replace them before hand lest they do it again ...I can just see the neighbor's roofs and the deputies rarely patrol out yonder ...so getting the appraiser review is going to be a hat trick we've not worked out as yet 

[nuggets321]

i personally feel that I already gave him incentive when I PAID $625 for a "rush" job that I barely get a couple days ago when it was ordered April 16 BUT maybe I will mention it to my real estate agent

[Lemmus]

...yikes! ...its only $425 here and I thought that was highway robbery

[StartingOver10]

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@nuggets321 wrote:

Thank you both for your input... it was an APPRAISER that noted the issue in his appraisal NOT an inspector... this purchase is a USDA Guaranteed Loan ( private lender but "guaranteed" by govt in the event of default on loan.. USDA has their hands in the "mix" but not to the extent of the USDA DIRECT loan... I ONLY went this route since the PMI is only .55%....and no $$ down..( If sellers would have been more cooperative with paying closing costs I simply would have gone FHA or conventional....thanks again

'

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Yes, I am well aware that it is the APPRAISER.  If you read the link it references the inspection conducted by the APPRAISER.  It is SOP. If you went FHA rather than USDA you would be facing the same issue as they have the same mandate to inspect (as an appraiser and not an inspector) the property for heath and safety issues. When you read the appraisal report you will see the repair requirements section toward the end of the appraisal.

[nuggets321]

Thank you for the direction .. Sorry if I addressed the issue and there was an  "attitude" perceived... was just trying to make sure that we were on the same page  I did not know that the appraisers were mandated as you stated... thats what makes this forum so great ! there is a ton of knowledge to be found here  

[StartingOver10]

Yep, same page!  I understand. It can be really confusing because the appraiser actually uses the word 'inspect' but it isn't a true inspection like the one from a professional inspector. I hope your appraiser isn't too picky - some can be really picky and others are more reasonable.

As long as the items are repaired prior to closing and you allow enough time for the appraiser to get back to the property to re-inspect, it is just one more step in the process. Make sure the seller knows the loan won't close without the appraiser seeing that the work is completed. Caution: if it is trade type work, the seller needs to hire a professional. This would be any of the specialty trades (HVAC, roof, electrical, plumbing etc).  if you have that type work that has to be done, make sure a permit is issued by the appropriate building authority or the work won't pass the appraisers re-inspection.