Existing Construction

Fee appraisers are experienced observers who must view both the interior and exterior of the subject property to both

·   determine its overall condition, and

·   recommend any readily observable repairs necessary to make it meet the VA Minimum Property Requirements (MPRs) stated in Chapter 12.

The fee appraiser must check the “Reconciliation” section of the URAR either

·   “As is” if the property meets MPRs with no repairs needed, or

·   “Subject to the repairs….” if repairs are needed to make the property meet MPRs.  In that situation, the appraiser must also state “Subject to the MPR repairs noted in the comments section.” under “Conditions of Appraisal” and provide an itemized list of recommended repairs or other action necessary to make the property meet MPRs in the “Comments” section under “Condition of the improvements....”

When there is an indication of a potential environment problem (e.g., abandoned underground fuel storage tank), the appraisal report must be conditioned for correction of the problem according to any local, state or federal requirements.

Appraisers must not recommend electrical, plumbing, heating, roofing or other inspections only as a measure of liability protection.  An inspection should be recommended only if there is an indication of a particular problem.

Proposed Construction

See Chapter 12.