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Old 03-19-2007, 11:07 AM
leelansford leelansford is offline
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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Default Don! VA Exterior on the 1004

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!
Lee Lansford, IFA
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Old 03-19-2007, 12:43 PM
Don Clark's Avatar
Don Clark Don Clark is online now
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Location: Virginia Beach, Virginia
State: Virginia
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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.

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Last edited by Pamela Crowley (Florida) : 03-19-2007 at 08:28 PM. Reason: Saving Don from lots of spam
Old 04-03-2007, 11:55 AM
Mike Garrett, RAA's Avatar
Mike Garrett, RAA Mike Garrett, RAA is offline
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Location: Colorado Springs, CO
State: Colorado
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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".
A Former AQB Certified USPAP Instructor
Old 04-03-2007, 12:09 PM
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Tom McDowell Tom McDowell is offline
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State: North Carolina
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 691

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.
Old 04-03-2007, 12:11 PM
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Ken B Ken B is offline
Join Date: Feb 2004
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,812

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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