COVID-19: When performing an exterior-only or desktop-only scope of work, should the appraisal be subject to an inspection to be completed at a later date?

The appraisal does not need to be subject to an inspection at a later date solely because an interior or physical inspection was not performed. The appraiser must identify any necessary extraordinary assumptions based on the limited inspection scope of work and complete the appraisal based upon these assumptions. The appraisal will be completed “AS IS” unless deficiencies in Minimum Property Requirements (MPR) are observed or known to the appraiser based on the scope of inspection.

 
HQ Policy Determination - COVID-19 guidance


 

All policy information contained in this knowledge base article is based upon the referenced HUD policy document. Any lending or insuring decisions should adhere to the specific information contained in that underlying policy document.


Topic Number: KA-05434