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  #1  
Old 08-07-2007, 06:38 PM
Renee Burnam Renee Burnam is offline
 
Join Date: Feb 2006
Location: Wisconsin
State: Wisconsin
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Default Single Family Exterior Order, 3 Unit Upon Inspection

I received and accepted an order for a single family 2055 exterior appraisal. Did the research to find out what I could on the property, and went by the house to do the exterior inspection. I noted an almost identical home located next door, accessible by what looked like an alley. When I got back to the office and started the report I noticed on the assessor data sheet that there were three units on this property. So I contacted the assessor's office and they told me that there is a single family home and a duplex, both located on the same parcel. I asked if this was legal and was told it is legal, but non-conforming. I asked if it could be divided possibly by a sale, and was told that because a split would landlock the duplex, it would not be approved.

So I called the lender. Asked, "Did you know there is a duplex on this property?" Oh yeah, they forgot to tell me that. But they only want me to appraise the single family dwelling.

Can that be done, especially on a 2055?

As this was a new lender, one I'd never heard of before, that called me out of the blue, something about the situation didn't sit well with me, and I declined the order. But the question remains, could an appraisal be completed that way, if your order from the lender says appraise just the one family portion, disclosing what I know about the property? Seems to me there's got to be some sort of USPAP violation in there. I just want to make sure I have it right for the future.

Thanks for your input!
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  #2  
Old 08-07-2007, 07:48 PM
David Wimpelberg's Avatar
David Wimpelberg David Wimpelberg is offline
 
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Location: Hamptons, NY
State: New York
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Default

Quote:
Originally Posted by Renee Burnam View Post
But they only want me to appraise the single family dwelling.

Can that be done, especially on a 2055?
Theoretically, it could be done if there was a legitimate reason for doing so. Pretending that the property is something it is not to get it in a certain loan program is not such a reason. Usually MB's pull this act, and if anyone at the bank is paying attention, the report gets reviewed and at minimum the appraiser gets put on a watch list.

Such a scenario would require the use of a hypothetical condition. That is not permitted by Fannie, and the forms are intentionally designed to not include such a scenario.
  #3  
Old 08-07-2007, 07:54 PM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
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Location: Southern Hudson Valley
State: New York
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"I declined the order." wise move.
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  #4  
Old 08-08-2007, 09:48 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by David Wimpelberg View Post
Theoretically, it could be done if there was a legitimate reason for doing so. Pretending that the property is something it is not to get it in a certain loan program is not such a reason. Usually MB's pull this act, and if anyone at the bank is paying attention, the report gets reviewed and at minimum the appraiser gets put on a watch list.

Such a scenario would require the use of a hypothetical condition. That is not permitted by Fannie, and the forms are intentionally designed to not include such a scenario.
I agree with David.
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  #5  
Old 08-08-2007, 09:50 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
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Quote:
Originally Posted by Renee Burnam View Post
...So I called the lender. Asked, "Did you know there is a duplex on this property?" Oh yeah, they forgot to tell me that. But they only want me to appraise the single family dwelling...
Is there any possible chance that this "lender" is a MB?

"Forgot to tell" you...yeah, right.
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