Lender comparing your 2055 to a full appraisal

[Retirement Countdown]

Has anyone had a lender ask you to revise your exterior only appraisal because it doesn't match the information in a full appraisal that they already had? They want me to comment on subject features that I was not able to view from a drive-by.

 

[glenn walker]

Has anyone had a lender ask you to revise your exterior only appraisal because it doesn't match the information in a full appraisal that they already had? They want me to comment on subject features that I was not able to view from a drive-by.

Yes just state what you observed and if it's something big then ask them to convert yours to a full inspection.

 

[Surf Cat]

Isn't it funny that AMC's put a blurb in their engagement letters that they follow USPAP?

The request doesn't surprise me one bit. If you followed the scope of the drive by, you did your job.

If they want you to conduct a review of an older appraisal, then they should order one. If they want a full appraisal, then they should order one.

I personally would not change anything in my drive by assignment.

 

[Fernando]

In my recent exterior appraisal, I asked client for a copy report and got the 1004 from several years ago.
Lots of details which helped in my appraisal.

 

[Surf Cat]

Regardless of whether a prior appraisal is reviewed, the appraiser must conduct their own independent analysis, verify all data, and arrive at their own opinion of value based on current market conditions and the subject property’s actual condition as of the effective date.

OP, don't listen to Fernando. your time is valuable. if you want to offer the client a discounted rate to do a full 1004, that's a business decision. However, don't do anything that will jeopardize your independent analysis of current market conditions.

 

[Terrel L. Shields]

evise your exterior only appraisal because it doesn't match the information in a full appraisal

did they give you a copy? If so, then you should have matched what was there and caveated the information with the extraordinary assumption that nothing had changed and you were relying upon information that they provided. The 2055 is explicit. You must have sufficient information about the interior from MLS, prior report, previous inspection, etc. so that you don't simply assume the interior condition is the same as the visible exterior condition. Read the fine print.

So, what source for the details did you use?

 

[George Hatch]

If all they're asking for is a disclosure that you're aware of the description in another appraisal then that's a nothingburger. If they're asking you to reconsider your opinions in light of this outside info then that's doable too, albeit involving a little more effort on your part.

Different SOW using different assumptions can lead to different conclusions. That's basic.

I will say that just because the other data source was developed by another appraiser doesn't alter the point that your use of their info amounts to making an assignment-specific assumption about the accuracy of that info. Same as if your other info was from a prior MLS listing or the property owner or a PDR that was developed by a can collector.

 

[Fernando]

In my exterior report, I do mention that I have a copy of prior report and indicate it's findings and my assumptions of characteristics like what kind of built in appliances and heating system.
Look at it as another source in doing a more "accurate" exterior drive by appraisal.

 

[Fernando]

It sounded like OP discovered prior report will change the appraised value from the exterior drive by. Was OP assumptions so way off from prior report?
Even with exterior appraisals, appraiser is supposed to find all relevant information on subject without going in.
Comes down to business decision what appraiser wants to do.

 

[George Hatch]

The legacy URAR contains 200 fields whereas the new UAD allegedly contains 1600 fields. So "just going in" can consist of different levels of observation.