Is HUD not supplying appraisals anymore?

Question

I have just received accepted HUD contract packages for 2 properties each with a different asset manager. I received the appraisal on one of them but not the other. I contacted the asset manager and they replied "HUD appraisals are only provided for financed contracts". I have closed several cash HUDs over the past year and always received the HUD appraisal. Anyone have any info on this?

Account Closed · Answer

@Randy King Looks like there are different practices in different regions or each asset manager makes their own rules. I inquired about an appraisal on a cash offer to one of the three asset managers in my area and they said they only provide appraisals to FHA financed buyers not cash buyers.

Greg H. · Answer

@Mark  Ferguson

I have always received the appraisals on my HUD purchases and all but a few have been cash and we are in the Denver Region as well.  As of March 1 I have had to ask for them but they have been delivered promptly.  While the values are sometimes laughable,  the appraisal does contain some valuable info and should always be saved

Lee Smith · Answer

I've never seen a hud appraisal on a deal here in Indy.. Never knew to ask, but not sure I would believe it if they did. ha!

Randy King · Answer

I kept responding to the asset manager and the last one said "The new policy took effect March 2014".

Kevin McGinnis · Answer

Randy,

I just received a HUD contract this week, for a cash purchase, and it included a HUD appraisal.  This is my first one.  Sounds like this might be specific to your area.  The home I'm buying is in Edwardsville, IL.

Kevin

Mark Ferguson · Answer

@Randy King

On my HUD listings they have never sent the appraisal on cash offers.  They just changed to only sending the appraisal on FHA financed offers now.

Randy King · Answer

Just got another reply from the asset manager "The new policy took effect recently and the appraisal will not be provided by HUD for this contract." This may be a result of HUD not displaying the appraised value anymore on HUD Homestore.  Could this mean that they listed this property above the appraised value? I had heard that they might start listing above appraised value.