1004D Recertification Of Value

[JT1599]

Good Evening,

Lender asked for a recert of value on a 1004D that I performed a few months back. When i go back out to the property I notice a blue tarp on roof. I just want some input to how I should handle. I was going to do the 1004D and add pictures of what I noted in the re-inspection and make a comment regarding the scope of work and the tarp on roof. I looked up in the Fannie Selling guide and there was nothing relating to changes to property (Deterioration) only about the property declining value. Any input is appreciated. Thank You

 

[Tim The Enchanter]

I don't think you can caveat / EA that tarp away.
It is there for a reason, and not just decoration.
You might need to tell them you cannot recert the value.

Side thought, what if it had burned, or the roof blew off altogether?

 

[JT1599]

I don't think you can caveat / EA that tarp away.
It is there for a reason, and not just decoration.
You might need to tell them you cannot recert the value.

Side thought, what if it had burned, or the roof blew off altogether?

I'm not trying to to ignore what I saw. My thought was to disclose what I observed at time of exterior inspection and recommend further inspection by a roofer. Also, note that if there is damage the prior opinion of value will change. Disclose, Disclose, Disclose.

 

[Tim The Enchanter]

Disclose yes. But sounds like you now have either an EA, or a subject to condition re: the roof.

 

[JT1599]

I'm not trying to to ignore what I saw. My thought was to disclose what I observed at time of exterior inspection and recommend further inspection by a roofer. Also, note that if there is damage the prior opinion of value will change. Disclose, Disclose, Disclose.

Thank You For Your Input, I appreciate It. What does EA stand for?

 

[jay trotta]

Can you check for a "permit" for the roof ? might lend some insight.

What was the Roof condition when you were there last ?

 

[JT1599]

Can you check for a "permit" for the roof ? might lend some insight.

What was the Roof condition when you were there last ?

I can do a permit search and see what I find. In the original inspection there were no visible signs of damage to the roof. No leaks noted in interior of home. Now I feel like I should just let them know I can not do the recert of value due to what I observed from exterior when re-inspected.

 

[Tom4value]

Thank You For Your Input, I appreciate It. What does EA stand for?

EA- Extraordinary Assumption

 

[CANative]

There is no such thing as a "RECERTIFICATION OF VALUE." It is simply a new appraisal assignment. Now that we've gotten that out of the way, on the new effective date there was evidence that property conditions had changed.

Tell them that and negotiate a new appraisal with a more appropriate scope of work (e.g. ext/int inspection.) The new appraisal may need a condition such as subject to repair (HC) or subject to inspection (EA.)

 

[JT1599]

There is no such thing as a "RECERTIFICATION OF VALUE." It is simply a new appraisal assignment. Now that we've gotten that out of the way, on the new effective date there was evidence that property conditions had changed.

Tell them that and negotiate a new appraisal with a more appropriate scope of work (e.g. ext/int inspection.) The new appraisal may need a condition such as subject to repair (HC) or subject to inspection (EA.)

Thank You