Cynthia Sulamo

You most likely have a local appraiser you trust and use, but what about the deal that is out of your area? How do I find an appraiser there?

There are several solutions:

- you can go on your states web site and find licensed appraisers in that area but often they have left the business or you have to go thru finding out what type of work they do.

- go on mapquest, type in the address of the property and under business type in appraisers and voila! appraisers located near your property are "found".

-OR you can go to zipapprasiers.com, on this site you type in the zip code of the property and you will have a list of appraisers in that area, the distance from the zip code and if they are FHA approved and a bit about them.

FHA is taking lending by storm it seems. So what do we need to know ??

The legislation recently passed to require FHA appraisers to be Certified and not just licensed was set to go into effect 10/1/08, some states said they were adopting this at the 10/1/08 deadline and others such as California continued to say "there will be a letter out soon with details". That letter is still "in the mail" but sources that should know now say rumor has it HUD may delay the date by a year.

How does FHA appraisals differ from conventional financing?

FHA requires that all utilities be on at the time of inspection and the appraiser must check all equipment to be sure it is working. A "head and shoulders" inspection of the attic and crawl space is required. Water pressure is to be checked to insure a toilet can flush at the same time the faucet is on (directly from the HUD book).

Typical conditions that require further inspection or testing by qualified individuals or entities include: infestation - evidence of termites, inoperative or inadequate plumbing, heating or electrical systems, structural failure in framing members leaking or worn-out roofs, cracked masonry or foundation damage and drainage problems.

Minor property conditions that no longer require automatic repair include:

-Missing handrails

-cracked or damaged exit doors that are otherwise operable

-cracked window glass

-defective paint post 1978

The three "S's" Safety, Security & Soundness now govern the process.

Of note is that the different HOC centers have interpreted the guidelines a bit differently and depending what state your in it's a good idea to keep the HOC's phone number handy that handles your area. I have found them most helpful, friendly and easy to work with.

Integrity, what is the cost? Not having it, a lot! Our intentions to our clients and business associates, our commitment to ourselves to do and be our best is the best "value added" element of our personal businesses. I use to teach Real Estate Appraisal and was dubbed "The Preacher". On the first day of class inevitably I would have students ask me if they "had to read the book". So I incorporated the answer into the first day of class.

Do you have to read the book? No! If you just want to pass, listen in class and you will most likely get by. Is that enough? That's up to you, but I want to be my best. Do you want to be adequate? average? just get by? or be your best? You spent your money for this class and I think you deserve the best, your worth it. So really it's up to you. Get by? or excell !

In the challenging times we have we again have this question to answer. Am I commited to doing and being my best or getting by? Should my business associates get my full attention and the best product? I think it all comes back to Integrity. Living with Integrity demands of me to do and be my best, it's a win/win situation.