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A – 3 Reporting Requirements |
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A – 3 Reporting Requirements |
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As with any appraisal performed by a FHA Roster Appraiser, an REO appraisal must be performed in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP).
Other reporting requirements are as follows:
| • | With each appraisal, the appraiser must provide a list of any buyer incentives that would enhance the marketability of the property to provide an incentive to buy the property unrepaired as opposed to repaired. |
| • | For all property constructed before 1978, the appraiser must condition the appraisal on the completion of a lead-based paint test. |
| • | For appraisals of vacant lots (land), complete a land appraisal report form. |
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