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Urar With Reo Addendum

Discussion in 'Urgent - Help Needed' started by vargasteve, Oct 26, 2005.

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  1. vargasteve

    vargasteve Junior Member

    0
    Jan 21, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    I've recieved this order for 1004 with REO addendum, which form is this. I just haven't run into this before.

    Any tips?

    Any help would be appreciated!
     
  2. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    8
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    You software should have an REO addendum in it.
     
  3. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I am not judging .... but if you have never done an REO before, you might want to work with someone who has ... Just a thought .... :)
     
  4. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member

    8
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Now, Doug. No slamming on the forum.
     
  5. DB

    DB Elite Member

    0
    Apr 29, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Wasn't slamming at all .... just good practical advice ... ;)
     
  6. Artemis Fowl

    Artemis Fowl Senior Member

    0
    Mar 16, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    Jeez. What'd EVERYBODY get a spanking?
     
  7. G-man

    G-man Member

    0
    Feb 4, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Ohio
    In my software package (ACI) it is listed under Real Estate Owned Appraisal. It may be something similar in your software package. They are not hard to fill out. It asks for three listed sales, no adjustments, just grid basic info. There is a section on neighborhood, another on marketability. There is a place to list repair items and cost to cure, and if any inspections are needed. Finally, there is a section for an "As Is" and "As Repaired" value. Specifically, bank wants to know what it is worth now, if it were fixed up, and what value would be for a "Quick Sale', usually 90 days or less. How you go about figuring that stuff out is where you earn your $$$$. :rolleyes: . Have fun. My REO today was full of fleas, no furnace/kitchen/carpet and trashed out. :eek:
     
  8. Ray Miller

    Ray Miller Elite Member

    0
    Feb 20, 2002
    Professional Status:
    Licensed Appraiser
    State:
    Wisconsin
    My REO's today were:


    One, a job for a D-8.

    And one I realy felt bad about. Older couple could not keep up with the house payments and meet the medical expenses. Neighbor filled me in. They are now both wards of the state. Home was in nice condition. You could tell it was thier pride and joy.

    This type of appraisal is much like ERC work, you got to have a way of telling the future market.

    I would suggest you work with someone on several of them first.
     
  9. vargasteve

    vargasteve Junior Member

    0
    Jan 21, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Thanks - yes I know it is similar to the relo - I've been exposed to enough relo orders that I feel comfortable - just thought I'd shoot the question over the bow and ask for suggestions...
     
  10. xm39hnu

    xm39hnu Senior Member

    0
    Jul 10, 2003
    Professional Status:
    General Public
    State:
    Florida
    vargasteve,

    Some tips:

    Confirm with your client which quick-sale times they want as-is/as-repaired values for. The client's desires vary. Some want 30-90 days, others 90-120 days. Find out in advance and save a callback. One of mine wanted 90-120 AND a 30-day quick sale in a market where normal times are 180-360 days.

    They like it when you include a comment about where you got your repair cost figures, too.

    Adjust your scope of work statement to include the work required to derive the shorter market time values. This is where I put the statement about how repair costs were derived.

    Disclaim responsibility for hidden damage, especially if your prop has roof leaks or soft spots in the floor. My form has a blank for recommended inspections; that's a handy spot to slip in the disclaimer. If there's dampness, I recommend a Phase I Environmental Assessment due to the potential for mold. (Note: These are not "subject-to's"; they're recommended inspections. If you plan to check the "subject-to" box, get the client's OK first.)
     
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