[Rick Neighbors]

Had my first request for a REO on the new 1004 03/05 form. I called lender to make sure, she will "get back with me".

They don't want an REO addendum. That seems strange. But they do want a "cost to cure" for any observed deferred maintenance.

Property is vacant, and not listed. Hasn't been listed for past 1 year. In a small town of apx 750 people. Total MLS activity for the past 1 year. 3 sales, 2 expired, and 1 active listing.

This one may prove to be interesting!

Any ideas?

Rick

[deturner]

I think it depends on the client.

The new form is for "mortgage transactions only" from what I gather. However, I have an REO client that wants the report on the new form because it is through HUD and they use the appraisal in the end for the purchaser to obtain a mortgage.

I'm still looking in to this but if someone else has some comments, I am open to listen (or read).

DaveT in NC

[Carnivore]

Rick,

Step carefully. Its a bit unusal for a REO assignment to not need a typical REO addendum. Do they want a AS-IS(normal marketing/Quick Sale) and AS-Repaired Value(normal marketing/Quick Sale)? Again, If they dont be careful, something is starting to smell bad about this. Do they want Interior pictures? Did they give you any other specific instructions as typically would come with a REO assignment? etc etc

Truth is, that non-fanne REO clients really should not be using the new form. Its not well suited for REO work(heck its not well suited for refi work either). Fannie MAe requires it in REO. but they do allow flexibility in EA's and other issues.

Whats that green smelly thing over in the corner? Is that Balony?

----------------------

Dave,

Is that lighthouse? If so, did they finally come up on fee's?

[deturner]

Andrew,

YES

and

NO

That's why I don't do much for them. I'll only do those that are in the more rural areas I cover and they pay my fee (guess they can't find any of you City Slickers down in Charlotte to go to Rowan Co for the fee they pay. LOL)

DaveT in NC

[Rick Neighbors]

Andrew,

That's why I'm waiting to get this clarified with the lender. They are closed today. I am also going to make sure that I get paid in advance, as I don't know this company, and have never done any work for them.

They have it marked COD, and I just went round and round with another lender, because they meant COD to mean fee at the door.

I finally got paid, but not until after sending a copy of the unpaid invoice to every email address I could find on their corporate web site. The president of the company finally agreed me, and while he was not happy with my method of getting attention, their use of the term COD was not clear. Got the check today!

On the current company's appraisal request, it says: " All appraisals must show a cost to cure for any noted deferred maintenance". I thought that was what the REO addendum was for. They have asked for an "as is" value, and no mention of an as fixed/repaired value, or a short sale value, etc. I will have it in writing before I proceed.

Guess I will know more tomorrow.

Rick