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Topic 12. Proposed Construction Appraisal from Plans and Specifications
March 11, 2019
This Chapter has been revised in its entirety.
a. Construction Exhibits
Construction exhibits must be uploaded by the lender into WebLGY the same day the case number is assigned. The exhibits must include:
survey or plot plan,
plans sufficient to allow the appraiser to establish market value,
foundation or basement plan,
exterior elevations,
wall section, and
specifications, on either VA Form 26-1852, Description of Materials, HUD Form 92541, or another format that provides essentially the same information in sufficient detail.
b. Certification of Exhibits
The appraiser will certify in the appraisal report, "I hereby certify that the information contained in [specific identification for all construction exhibits, (for example, Smith Construction Plan Type A, 9 sheets, VA Form 26-1852, Description of Materials, plot plan by Jones, Inc.)], was used to arrive at
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the estimate of reasonable value noted in this report."
c. Appraisal Subject to Completion of Construction
The appraiser will prepare the appraisal report subject to the completion per plans and specifications.