Ask Henry
12/08/10 Categories: Ask Henry
Switching Clients from USDA to FHA
Dear Henry,
Can an appraisal done as a USDA appraisal be switched to an FHA appraisal, or would the property have to be re-inspected?
Dear Henry,
Can an appraisal done as a USDA appraisal be switched to an FHA appraisal, or would the property have to be re-inspected?
Kind regards,
Jeff Bridwell
jeff.bridwell@inhouse-solutions.com
Dear Jeff,
Whenever the client changes, a new appraisal is required by the USPAP. This means that there must be a new scope of work dialogue with the new client. There are no USPAP requirements about inspections; therefore, if the effective date and inspection date are the same, I think you will just need to rewrite the appraisal being sure you have covered everything required in the new scope of work.