Selling Guide

Published December 16, 2020

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What is required for existing properties that have conditions that affect safety, soundness, or structural integrity?

Requirements for Existing Construction

Lenders must review the appraisal to ensure that the property does not have minor conditions or deferred maintenance items that affect the safety, soundness, or structural integrity of the subject property. See B4-1.3-06, Property Condition and Quality of Construction of the Improvements, for information concerning property condition and quality of construction
ratings.

Requirements for Existing Construction
When There are Incomplete Items or Conditions that Do Affect the Safety, Soundness, or Structural Integrity of the Property
  When there are incomplete items or conditions that do affect the safety, soundness, or structural integrity of the property, the property must be appraised subject to completion of the specific alterations or repairs. These items can include a partially completed addition or renovation, or physical deficiencies that could affect the safety, soundness, or structural integrity of the improvements, including but not limited to, cracks or settlement in the foundation, water seepage, active roof leaks, curled or cupped roof shingles, or inadequate electrical service or plumbing fixtures. In such cases, the lender must obtain a certificate of completion from the appraiser before the mortgage is delivered to Fannie Mae. Although the original appraiser should complete any required certification of completion, the lender may use a substitute appraiser.

See B4-1.2-02, Appraisal Age and Use Requirements, for certifications completed by substitute appraisers.

  The certification does not need to include photographs of the property unless those that accompanied the original appraisal report are no longer representative of the completed property.

For additional information, see B4-1.2-03, Requirements for Postponed Improvements.

 

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