sqft in 2055 exterior only

[timd354]

Other than maybe you certify that "I obtained the information, estimates, and opinions furnished by other parties and expressed in this appraisal report from reliable sources I believe to be true and correct."

What then..oh, but I didn't really mean that. Either you believe you sources to be true and correct or you don't. Again, we can't have it both ways.

I would never use a source that I do not believe is true and correct. That being said, I do not see how a statement that states the obvious truth that if the source turns out to be untrue and/or incorrect, then the appraiser's opinion is subject to change changes the Fannie Mae preprinted SOW or certifications. Such a statement may be superfluous given the preprinted SOW and certifications, but it does not modify the preprinted SOW, certifications, asumptions, and/or limiting conditions.

 

[Mr Rex]

The point is that added verbaige to bolster your CYA are not necessary and may conflict with the pre-printed verbiage that no additional EA or HC are allowed. Wasted pdf breath.

 

[TJSum]

So my situation is a pre-foreclosure driveby with no public record data and no MLS history. The lender cannot supply a previous appraisal. I have written instructions and a written confirmation to estimate it as best I can.

I have colleagues and competitors that do it all the time. I have lost a nice chunk of work because of my refusal to do the same thing. My creditors may not soon appreciate my reluctance to accept an otherwise routine assignment.

I don't see anything in the pre-printed conditions that would prohibit me from a statement about the dubious source of the GLA, and a long disclaimer about how this is not going to be as accurate as a full 1004.

If it is a preforeclosure assignment, how comes the client/lender can not supply the previous appraisal from their loan file?

 

[timd354]

So my situation is a pre-foreclosure driveby with no public record data and no MLS history. The lender cannot supply a previous appraisal. I have written instructions and a written confirmation to estimate it as best I can.

I have colleagues and competitors that do it all the time. I have lost a nice chunk of work because of my refusal to do the same thing. My creditors may not soon appreciate my reluctance to accept an otherwise routine assignment.

I don't see anything in the pre-printed conditions that would prohibit me from a statement about the dubious source of the GLA, and a long disclaimer about how this is not going to be as accurate as a full 1004.

If the source of the GLA is "dubious" then you clearly cannot rely on it.

 

[Hamlet]

That is not at all what I am saying. I am saying that if I have credible source of data regarding the GLA, interior condition, etc. and I rely on that data to perform the appraisal, then it is obvious that I am performing the appraisal using the assumption that that source of data is substantially correct (since I did not actually measure the property or view the inside of the property, I must be making that assumption in order to complete the appraisal). Let me make it very clear here that I am not talking about making a "guess" or an assumption that the subject property is average based on no credible source regarding the property's condtion. I am talkking about citing the public record as a source for the GLA and a listing or a prior appraisal report, etc. as the source for my condition rating of the property.

Mr. Wiley takes the position in post 68 that it is assumed in every assignment that the data sources used are correct. Preprinted cert #13 in the Fannie Form 2055 does state:

I obtained the information, estimates.............................expressed in this appraisal report from reliable sources that I believe to be true and correct

Now whether doing this is called an ordinary "assumption" or an "extraordinary assumption" (I tend to think it is an EA, as that term is defined by USPAP), then there is certainly is not a change or modification to the SOW or preprinted certifications by pointing out the obvious fact that if this assumption or extraordinary assumption turns out to be incorrect, then the appraiser's opinion of value is subject change

To me it would be an ordinary assumption if you trust that the data sources are accurate. You can trust the source and therefore render a credible opinion. However, if you have reason not to trust those sources as being accurate then you are in EA territory.

 

[K.P. Taylor]

LObo Fan, Do not proceed with the order. I know the line, "the client gives you blanket permission to esimate the square footage for this appraisal." Please read advisory opinion 2 and I think you will see you can not accept the order under those conditions. Go Lobos.

 

[timd354]

Let's see what people think about the following statement regarding the Scope of Work....I think this acomplishes what I want to accomplish and I believe this clearly does not conflict with any of the Fannie preprinted statements.

ADDITIONAL INFORMATION and CLARIFICATION REGARDING The Scope of Work used in this Appraisal Report:

The appraiser has been requested by the Lender/Client to perform an appraisal based upon an exterior only inspection from the street. The appraiser's conclusions regarding the physical characteristics of the subject property which are not obeservable from an exterior-only inspection, including the above grade gross living area, overall property condtion, etc. used to develop this appraisal are based on the public records of Carroll County, MD and a recent listing of the subject property which the appraiser believes to be reliable sources that are true and correct. Per the Scope of Work developed by the appraiser and agreed to by the client, the appraiser was not required to make an interior inspection of the subject property nor measure the subject property improvements. Per the agreed upon Scope of Work, the appraiser's inspection of the subject property consisted solely of the appraiser's observation of the subject property from a public street.

Mr. Wiley and Mr. Webbed, I am particularly interested in your opinions as to including the above statement in an Exterior Only Fannie Mae 2055 appraisal report.

 

[Mr Rex]

Contrary to some folks CYA addenda, I don't need to make an EA that the wood framing in the walls between the drywall and the exterior sheathing does not look like swiss cheese after years of termite damage on a 1004 for instance. If I have evidence that there may be damage, then its an EA and I can't check As Is. Some folks paint themselves into a corner while trying to CYA. Do what you say and say what you do. If you do that, then no need for fancy dancing language. Superfluous CYA is likely to be your worst enemy, at least if I have a shot at it.

 

[Lobo Fan]

"I obtained the information, estimates.............................expressed in this appraisal report from reliable sources that I believe to be true and correct"

This statement is not in the pre-printed conditions on the 2055. It would make a difference if it were. I just looked and did not see it. What number is it?

 

[Mr Rex]

Lucky 13 ....