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  #1  
Old 10-02-2009, 07:14 PM
Shaun Murray's Avatar
Shaun Murray Shaun Murray is offline
 
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Default Drive by for multi family

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
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Old 10-02-2009, 07:21 PM
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Mike Kennedy Mike Kennedy is offline
 
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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
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Old 10-02-2009, 07:31 PM
CCAAMO CCAAMO is offline
 
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Quote:
Originally Posted by Shaun Murray View Post
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
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  
Old 10-02-2009, 07:33 PM
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Shaun Murray Shaun Murray is offline
 
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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  
Old 10-02-2009, 07:39 PM
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Shaun Murray Shaun Murray is offline
 
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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  
Old 10-02-2009, 07:54 PM
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Lloyd Bonafide Lloyd Bonafide is offline
 
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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  
Old 10-02-2009, 08:00 PM
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Terrel L. Shields Terrel L. Shields is offline
 
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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.
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  #8  
Old 10-02-2009, 09:18 PM
leelansford leelansford is offline
 
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Quote:
Originally Posted by Shaun Murray View Post
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.

What's the HC?
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  #9  
Old 10-02-2009, 09:26 PM
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OSU Beavers OSU Beavers is offline
 
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Quote:
Originally Posted by Shaun Murray View Post
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.
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.
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  #10  
Old 10-03-2009, 12:57 PM
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Shaun Murray Shaun Murray is offline
 
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Thanks OSU that makes sense
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