Book Review

Harrison’s Illustrated GuideHow to Make an FHA Single Family Appraisal - 2015 Edition

by Henry S. Harrison, MAI, RM, ASA, DREI
New Collegiate Publishing Company
320 Pages, Soft Cover; Price $59.95
www.newcollegiatepublishing.com
617-396-7260

FHA-2015-Cover

In March 2015, HUD/FHA announced the publication of two new books: the “FHA Single Family Housing Appraisal Report and Data Delivery Guide” and the “FHA Single Family Housing Policy Handbook 4000.1.” These two publications represent a major revision of the old FHA Appraisal Requirements. The Single Family Housing Appraisal Report and Data Delivery Guide was specifically produced for appraisers and the 4000.1 handbook was published for both lenders and appraisers. Altogether, the publications provide over 500 pages of complicated material with no index.

Appraisers who are trying to use these two new publications soon discover there are hundreds of requirements labeled “the appraiser must” that are not covered in the “FHA Single Family Housing Appraisal Report and Data Delivery Guide.” As he did in his popular URAR Guide, noted appraisal author and educator Henry S. Harrison has organized this material in a new line-by-line URAR guide — focusing on these new FHA requirements. For example the “
appraiser must” inspect the attic, only the 4000.1 Handbook states: “If unable to view the area safely in their entirety, the appraiser must contact the Mortgagee and reschedule a time when a complete visual observation can be performed, or complete the appraisal subject to inspection by a qualified third party (FHA 4000.1Handbook Page 445).” Mechanical system requirements are another “FHA requirement” that is not covered in the Single Family Housing Appraisal Report and Data Delivery Guide. “The appraiser must not include the value of leased mechanical systems and components in the Market Value of the subject property. This includes furnaces, water heaters, fuel or propane storage tanks, solar or wind systems (including power purchase agreements,) and all mechanical systems and components that are not owned by the property owner. The appraiser must identify such systems in the appraisal report. (FHA 4000.1 Handbook Page 440).

Harrison’s new Illustrated Guide makes accessing crucial information far easier for appraisers. It goes page-by-page through the URAR and MC forms, covering FHA and other requirements. The Model Comments sections of the book have been updated in this edition. By purchasing a copy of this guide, you obtain permission to use them as you wish. With this book you can easily find the pertinent FHA requirements for each line of the URAR and helpful information on how to complete the Market Conditions Addendum Form (MC) which is required for every FHA appraisal.

With this book you can easily obtain the FHA requirements for each line on the URAR form and helpful information on how to complete the Market Data Addendum Form which is required for every FHA appraisal.

To purchase
Harrison's Illustrated Guide How to Make an FHA Single Family Appraisal 4000.1 - 2015 Edition, you can buy it, along with hardcopies of both the FHA 4000.1 Handbook and FHA Single Family Housing Appraisal Report and Data Delivery Guide directly from Henry S. Harrison's publisher New Collegiate Publishing. http://www.newcollegiatepublishing.com.

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