Gaithersburg, MD (PressExposure) December 08, 2009 -- Due to this ordering appraisals can sometimes be a guessing game. Do you order an FHA appraisal in hopes the property meets FHA minimum standards and that the value isnât high enough to go conventional? Or do you order the conventional appraisal through the third party then pray it comes in high enough to meet the GSEâs guidelines?
What happens when the you order a conventional appraisal and value isnât high enough for conventional but the property does meet FHAâs guidelines?
There is a better way! Coester Appraisal Group would like to announce our convertible appraisal. Essentially itâs an appraisal done by an FHA approved appraiser, the inspection, the report and all reporting requirements are completed as if it was FHA, but the only difference is that it doesnât have to be FHA and doesnât cost as much as an FHA product. Itâs an either or type situation. The scope of work from the appraisers prospective is: âAppraisal for FHA or Conventional financed will be based on a final determination and underwriter approvalâ
It can either be FHA or Conventional. All it takes is a phone call and an e-mail.
As FHA adopts the HVCC this is going to be vital now more than ever before. No one wants to order two appraisals and pay for two for the same property. With the convertible appraisal no one has to ever!
There is no âupgradingâ when it comes to most management companies. Changing the defined scope of work based on the original assignment means more money from your borrower and appraisal fees upwards of $600.00 for one appraisal. With the convertible appraisal this will not happen.
So whatâs the advantage? The advantage is clear. With flexibility of Conventional or FHA it enables both the lender and the loan officer to offer the best product to the customer at the most affordable price.
Contact Coester Appraisal Group Today!!! http://www.coesterappraisals.com