Iowa Severe Storms Property Inspection Requirements

This document is a guide detailing the property inspection requirements following the severe storms, tornadoes, and flooding in Iowa, as declared by FEMA on June 24, 2024. It outlines the necessary inspections for properties involved in transactions with and without appraisals. For transactions with appraisals, it specifies the types of reports required, including the Property Inspection Report and the Appraisal Update, along with the conditions under which these inspections must be conducted. For transactions without appraisals, it describes the requirements for property inspections, including the need for certifications from licensed inspectors and post-disaster photos. The document also emphasizes the importance of ensuring that properties have not sustained damage from the disaster and outlines the operational procedures for brokers and underwriting teams to follow when handling these inspections. Additional requirements for FHA loans and the responsibilities of brokers in obtaining necessary certifications are also included.