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Drive by for multi family

Discussion in 'General Appraisal Discussion' started by Shaun Murray, Oct 2, 2009.

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  1. Shaun Murray

    Shaun Murray Sophomore Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    I've been asked to complete a 2055 for a duplex which is a first for me. Is this completed on the residential 2055 or is there one for multi-family. I've tried looking my form directory with no luck. Is there a fom more appropriate
    -THANKS
     
  2. Mike Kennedy

    Mike Kennedy Elite Member

    341
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    This report form is designed to report an appraisal of a one-unit property or a one-unit property with an accessory unit; including a unit in a planned unit development (PUD), based on an exterior-only inspection of the subject property from at least the street.

    https://www.efanniemae.com/sf/formsdocs/forms/2055.jsp
     
  3. CCAAMO

    CCAAMO Senior Member

    0
    Sep 17, 2007
    Professional Status:
    Certified General Appraiser
    State:
    California
    There are a lot a treads about the pit falls of appraising multiple units without an interior inspection, rent rolls etc. I would strongly suggest you look them up before you agree to take the assignment.
     
  4. Shaun Murray

    Shaun Murray Sophomore Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    That my point i'm trying to understand how to complete a drive-by on a 2-4 unit if possible. Thanks Mike for the responce
     
  5. Shaun Murray

    Shaun Murray Sophomore Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Client want me to complete a retroactive appraisal for PMI claim, using the original appraisal's subject property data. I will be employing Extraordinary Assumption and Hypothetical Condition.
     
  6. Lloyd Bonafide

    Lloyd Bonafide Senior Member

    0
    Jan 15, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Since there really isn't a form for a 2-4 driveby, if the client is not requiring a form appraisal, there is no law that says you can't complete a narrative report.
     
  7. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    750
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    And no law that says you should not be compensated for your time at a reasonable rate....and that likely is just as much as if you did it with the proper form and a full inspection.
     
  8. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    What's the HC?
     
  9. OSU Beavers

    OSU Beavers Elite Member

    24
    Jan 10, 2007
    Professional Status:
    Licensed Appraiser
    State:
    Oregon
    Uh oh! Sounds like they want a free field review too!

    Ok for the first part, you can use the OLD 1025 form to do a multi-family "drive by" as long as you disclose on every page that you did not inspect the interior. I have done these for repo drive bys before and it is compliant as long as you disclose every thing including where you got your rental info.

    Now for the second part, there is an outfit that is asking for these retro drive-bys, then they come back and want you to explain the differences between your value and the value on the original appraisal or no fee for you! Be sure to get a clear scope of work from them and build a review into the fee if that is what they want.

    Good luck.
     
  10. Shaun Murray

    Shaun Murray Sophomore Member

    0
    Oct 12, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Thanks OSU that makes sense
     
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