Tom4value
Senior Member
- Joined
- Dec 4, 2016
- Professional Status
- Certified Residential Appraiser
- State
- Massachusetts
Did an appraisal last month on a SF where the borrower/owner was a contractor. He delayed the inspection for two weeks because he wasn’t done with the repairs/renovation. Lender wanted it done “as-is”. Finally got it done.
Last week I got an order to do a 1004D. Reported back that I was confused because I submitted the report “as-is”. What did they want me to check? They came back that they wanted me to verify that the property was owner-occupied. I get it. Back when I did mortgages the loan terms were different for owner-occupied vs. investor. However, they verified that with a mailed bill of a gas, water, electric, etc. We never had an appraiser verify that.
They were paying me $150 so I thought “ok, get it done”. I am a big fan of the ‘70s show, “Columbo” (yeah, I am that old!) so I thought of items he would look for and questions he would ask. I took pictures of personal items, I looked in the refrigerator and saw food in there, even saw photos in the living room that had him in it (didn’t take photos of the last two). I even asked a question that began with, “Oh, just one more thing”!
Bottom line, I walked away about 99% sure he was going to live there. I put in my 1004D “It appears that it is owner-occupied”.My question is, anyone else do a 1004D for owner-occupied?
Last week I got an order to do a 1004D. Reported back that I was confused because I submitted the report “as-is”. What did they want me to check? They came back that they wanted me to verify that the property was owner-occupied. I get it. Back when I did mortgages the loan terms were different for owner-occupied vs. investor. However, they verified that with a mailed bill of a gas, water, electric, etc. We never had an appraiser verify that.
They were paying me $150 so I thought “ok, get it done”. I am a big fan of the ‘70s show, “Columbo” (yeah, I am that old!) so I thought of items he would look for and questions he would ask. I took pictures of personal items, I looked in the refrigerator and saw food in there, even saw photos in the living room that had him in it (didn’t take photos of the last two). I even asked a question that began with, “Oh, just one more thing”!
Bottom line, I walked away about 99% sure he was going to live there. I put in my 1004D “It appears that it is owner-occupied”.My question is, anyone else do a 1004D for owner-occupied?
