Appraisal Ace Blog
August 15th, 2008 11:54 AM
Just a heads up, everyone.
Lately I have been running into a situation when appraising REOs that the lenders are requiring all utilites to be on and checked.
FHA has always required utilities to be on and checked, but in the past it didn't seem to be a requirement for other loan programs, at least not on the ones I have been doing.
Last month I had to make a return trip to Plumas Lake to verify utilites were on a
after I submitted the original report. Since I asked before I did the initial visit if the utilities were on and the client said it didn't matter, I charged a return trip charge to verify utilites. It was not convenient for the client, the borrower or me.
Right now I am in the process of appraising a home (non-FHA) in El Dorado Hills where the electricity and water are on, but the gas is not. I asked the loan officer about the gas on Wednesday morning. The answer came back after two days that ALL utilities need to be on and verified. PG&E won't be turning on the gas until next Tuesday, delaying my report by 4 business days. That is a significant delay in my mind.
earlier in the process that someone checks the loan program to find out whether or not all utilities need to be on, the more likely that it will not become an issue or a delay. It seems that PG&E is a big culprit in not being able to get things turned on in a timely manner, but any of the utilities could conceivably cause a delay. Especially if no checking is done until after the appraisal is ordered.
I hope this helps smooth a few
s for you.
Posted by William McKnight on August 15th, 2008 11:54 AM
Post a Comment
Subscribe to this blog
Leave a Comment
Characters from the image above:
Subscribe To My Blog
Characters from the image above:
Clarity in appraisal report writing.
CO2? No CO!
An agent recently complained that appraisers did not know how to value properties.
My Comments on the Interim Final Rule
REAA gets a recommend and a Banner on TBWS
Think Big, Work Small Entertains and Informs the REAA meeting last night.
FHA on proper safety venting for a hot water heater.
A Realtor and good friend asked me recently about how an appraiser looks at comps.
Taking the California Certifed Residential Upgrade Test
A question asked of me by a loan officer friend.
Fed lowers rates
Initial Entry 10/30/2007
I was asked by a Realtor friend when, as an appraiser, I thought the market would bounce back.
The Reverse Mortgage Radio Show .com
Another example of failed execs profiting from the mess they created.
The AMC Problem.
Fielding a comp check request from an unknown agent from Lend America.
Local Appraiser's family member missing.
Conversation with NAR about HR 3221
Follow up to Lungren.
Visit to Dan Lungren (CA-R, 3rd District)
For Realtors who may be asked to verify sales data by Appraisers.
Real Estate Appraiser's Association Response to the Home Valuation Code of Conduct
My Answer to an LO who asked me if I checked the Declining Box on the URAR
The mess that Fannie/Freddie has created
Go Away Greenspan!!!
Does an Appraiser have to use Foreclosures as Comparables
Lower your Property Taxes
Highest Priced Sacramento Area Home Sold in 2007
Mortgage Debt Relief is signed into law.
Concessions and declining markets
June 2009 (1)
April 2009 (2)
March 2009 (1)
February 2009 (1)
October 2008 (1)
September 2008 (1)
August 2008 (1)
July 2008 (3)
May 2008 (1)
April 2008 (1)
March 2008 (2)
February 2008 (2)
January 2008 (2)
December 2007 (3)
November 2007 (2)
October 2007 (2)
My Favorite Blogs:
Sites That Link to This Blog:
Have a question? Get in touch!
Thank you, we'll be in touch!