2055 Exterior And Then Borrower Lets Me In?

[chad hampton]

why?

It's not what I'm being paid to do. I don't have a big issue if others would go in, but I'm not.

I personally don't care to see their house. I do this because I'm being paid. It's not a hobby.

 

[residentialguy]

It's not what I'm being paid to do. I don't have a big issue if others would go in, but I'm not.

I personally don't care to see their house. I do this because I'm being paid. It's not a hobby.

Oh pleeeze...What does it take to walk through a house, 5 minutes? Takes longer to call around trying to verify the information. You'll be glad you did if you ever have to support your "feelings" on what you think the house is like on the interior.

 

[chad hampton]

Sounds like something I really need to worry about. They ordered a 2055, lots of assumptions are part of the deal. Who are you calling on a 2055?

They can order a desktop, a 2055, and a 1004 and have them all come back with a wide range of values. And they can all be supported opinions of value. There have been real world example case studies on this exact topic. It's all in the scope of work.

 

[ucbruin]

Oh pleeeze...What does it take to walk through a house, 5 minutes? Takes longer to call around trying to verify the information. You'll be glad you did if you ever have to support your "feelings" on what you think the house is like on the interior.

"Oh pleeeze...What does it take to walk through a house, 5 minutes?"

WOW!!!!
How do you have the nerve to call anyone a skippy???!!!

 

[Tim The Enchanter]

Nope nope. If they see me, I will be burning rubber.
Well, I don't think the traction control will let me unless I think to turn it off first.
Stupid electronics. I will put the hammer down anyway.

 

[Terraform]

"Oh pleeeze...What does it take to walk through a house, 5 minutes?"

WOW!!!!
How do you have the nerve to call anyone a skippy???!!!

5 minutes of walking through a house will give you 100% more insight than if you had not. I have run into many of these scenarios and have met homeowners on the street and explained that the order is for a drive by only, I will listen to their input and then drive away unbiased and I will not consider my market value based on the interview.

 

[ucbruin]

5 minutes of walking through a house will give you 100% more insight than if you had not. I have run into many of these scenarios and have met homeowners on the street and explained that the order is for a drive by only, I will listen to their input and then drive away unbiased and I will not consider my market value based on the interview.

"5 minutes of walking through a house will give you 100% more insight than if you had not. I have run into many of these scenarios and have met homeowners on the street and explained that the order is for a drive by only, I will listen to their input and then drive away..."

Did you edit your post to make it less confusing or more confusing?
Well, do you take the 5 minute tour or not????

 

[chad hampton]

The bank has already determined that they could care less what the interior of the house is like. It's their money, if they don't care, why would I? Even if you had a listing from 3 months ago, maybe renters moved in and trashed the place? Doesn't make much sense to me to try and save $100 on a loan worth 10's of $1,000's of dollars (min). But bankers like to think they're smarter than they really are, so it's their call. Ordering a 2055, desktop, or one of these hybrid/bi-furcated pieces of sh*t products for a loan seems to be a deliberate attempt to hide something IMO.

If I were lending my money, I'd order a full appraisal and home inspection on homes over 10-20 years old.

 

[Tom4value]

Been reading some of these comments and some things needs noting regarding why clients order a 2055 "drive-by" in the first place. The first, a pre- foreclosure, is obvious. The client knows that the homeowner will not let in the appraiser. Once they foreclose and get the owner out, they will order a full inspection to get a handle on the value based upon actual condition.

For mortgage/HELOC lenders, a 2055 is ordered when there is low risk. The borrower has to have excellent credit and the LTV needs to be so low that it is not considered a significant risk. This is only dome with a desktop underwriting software system. Lenders cannot order a drive-by to "hide something". Not only is it illegal, it is dumb. If a borrower says, "I need a HELOC because I ripped the inside of my house apart and now I need money", there is no way that the bank will say, "ok, we will order a drive-by so the appraiser won't see it". That is just as much a myth as all bankers being big fat white guys in 3 piece suits smoking a cigar.

Finally, lenders do not order 2055s to save on costs. Remember, the appraisal is a "pass through" fee, which means that lenders are forbidden from charging the borrower more than what the fee actually is. Therefore, they couldn't care less about the fee. They order 2055s because their desktop underwriting system says they can to save time and ease the process. However, the key word is "can". Lenders can overwrite the system and upgrade to a full 1004 for any reason they wish. Therefore, if you get to the house and the owner comes out and asks you to come in the house and see all of the upgrades he did, then the loan officer did a horrible job in the application process. I have encountered this and told the owner, "tell you what, I will let the bank know you did a lot of renovations and you want (me) to take that into consideration. They will probably call for a full appraisal". That way, I will be paid for a full and thorough inspection that I feel comfortable with and the owner gets the true value of the house. Everybody happy.

 

[gregb]

During the brief inspection in the course of completing the 2055, make sure to take ample notes and photos so that the effective age of the improvements will be adequately reported on page one, and that all forms of depreciation will be registered in the Cost Approach on page 3.