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2055 Adjustments

When performing an appraisal on a 2055, which of the following do you adjust for?

  • Fireplaces

    Votes: 0 0.0%
  • Fences

    Votes: 0 0.0%
  • Spa/Jacuzzi

    Votes: 0 0.0%
  • Shed

    Votes: 0 0.0%
  • Security System

    Votes: 0 0.0%
  • Sprinkler System

    Votes: 0 0.0%
  • Deck

    Votes: 0 0.0%
  • Patio

    Votes: 0 0.0%
  • Covered Porch

    Votes: 0 0.0%
  • Landscaping

    Votes: 0 0.0%

  • Total voters
    0
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Damon Young

Sophomore Member
Joined
Jun 15, 2003
Dang, I wanted to make this where you could choose more than one... Could someone show me how to do that, or maybe just delete Poll and I can repost as regular post/question.

Thanks,
 

liznindy

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Adjustments should be made for all items which YOUR market recognizes (sp). A sprinkler system would not likely require an adjustment in my market (we get plenty of rain), however, in dry climates.....????

Just because the 2055 form does not provide the same number of lines as a URAR, adjustments can still be made for differences when necessary. Use the unlabeled lines at the bottom and make your own label (i.e. fireplace, HVAC, etc.).
 

Richard J. Glesser

Junior Member
Joined
May 16, 2002
Professional Status
Certified General Appraiser
State
Michigan
Agree with Liz - the 2055 is merely a different form of an appraisal which essentially eliminates the Cost and Income Approaches and most of the first page of the 1004 where you describe the subject. However, the presence of the grid on the form indicates that differences between your subject and comps need still be adjusted as the market indicates. That's why I only drop my price $25 - same value, just different format. :usa:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Was looking for "all of the above". I finally dropped doing individual adjustments on the 2005 and lump them together and use.....Equal Upgrades, Inferior Upgrades, or Superior Upgrades with the exception of Patios/Decks and Fireplaces. Haven't had any underwriters ever kick one back but with the new changes placing more responsiblity on the UW look for that to happen.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I forgot to add, and I know it is nit picky but needed, the 2055 isn't an appraisal...neither is a 1004. It is the form on which your appraisal is reported.
 

Damon Young

Sophomore Member
Joined
Jun 15, 2003
I usually use all the above, but it sure starts to look messy when you have 3-5 cryptically abbreviated items per line. I like Mike's suggestion of lumping them into three categories (and I am assuming, then detailing and explaining in the addendum?).

Thanks,
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I use the "lump" method too, since this form has soooo much room for descriptions. Adjust accordingly, then explain it in the comments or addendum.

Hmmm, yeah... the poll didn't work like you wanted. Oh well. B)
 
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