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Don Clark...help! VA Exterior on the 1004

Discussion in 'FHA/HUD and VA' started by leelansford, Mar 19, 2007.

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  1. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I need help.

    I have my first "exterior" on the 1004 for the VA and an owner-occupied foreclosure where I can't gain access to the property.

    I believe that Don Clark offered some advice on this topic at some time, but I can't seem to find the information now that I really need it!

    Don, help!
     
  2. Don Clark

    Don Clark Elite Member

    18
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Lee,

    VA requires that you do the appraisal on the specific form for that property type. When you use the property specific form you have to comment on an addenda what parts of the pre-printed statements do not apply such as those that referrence a sketch, those that referrence an interior and exterior inspection, and the fact that VA requires that you do them that way. Tried to find an example but I have not done a liquidation of that type for VA in a long time. But, full discklsoure of what part of the pre-printed forms have been deviated from is critical.

    Email: CDonClark @ cavtel.net (remove the spaces)
     
    Last edited by a moderator: Mar 19, 2007
  3. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    37
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    It's called a supplemental standard! Since the appraisal is not going to Fannie Mae VA doesn't care what the form says. I do add a comment,...."per VA supplemental standards".
     
  4. Tom McDowell

    Tom McDowell Member

    0
    Jan 19, 2003
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    North Carolina
    What are your specific questions? Both Don and Mike gave you good advice about the forms.

    After you have made your 3 legitimate attempts to gain entry do the appraisal as an exterior inspection and document your 3 attempts to gain entry on the liquidation addendum.
     
  5. Ken B

    Ken B Elite Member

    151
    Feb 18, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    I make the following comment in the "Conditions of Appraisal" section of the Reconciliation section and similar comments in various other places in the report.

    "An interior inspection was not permitted. An interior inspection may reveal conditions which could adversely affect the value indication. An extraordinary assumption is made that interior features are typical for the neighborhood and the interior condition is similar to the observed condition of the exterior."

    I don't know how else you could possible cover yourself and advise the reader of the level of inspection.
     
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