2055 Exterior And Then Borrower Lets Me In?

[Gulf Coast]

I went to the subject property to do an exterior appraisal and the borrower notices me and invites me in. I did a quick walk-through and asked questions but did not take any photos. Should I keep it on the 2055 exterior only form and just make a comment? What do you do if someone lets you in on an exterior only appraisal? Never had that happen before.

 

[hastalavista]

It has happened to me.
I disclose that the owner was there at the time of the drive-by; that I entered the home and did a quick walk-through; that I did not do a detailed inspection consistent with a 1004; that the walk-through was only to observe limited areas; I'll confirmed something that I would otherwise have relied upon by some other source (bed/bath count), I'll state I go with what I observed; I state that my condition rating is based on what I observed; etc., etc.

You can always exceed the SOW. What I think you want to do (or, at least what I'd want to do) is make sure I make it clear that my walk-through was not the same as what would be expected had the assignment been ordered as a 1004.

 

[spittman]

Have had that on several occasions. It's such a weird deal ... like do I really want to know what's behind door #1.

I once declined a driveby because I knew I would not be able to see it from the street. The lender responds that the owner will open the gate for me when I get there. .. Huh ... what??

 

[Tim The Enchanter]

I suppose it's not too bad a can of worms, as Denis says.
But I'd just as soon shoot fast and drive off, especially if I see someone there.

 

[glenn walker]

You my friend have now just screwed up BUT no problem except your SOW was exterior 2055 and you converted it into a ( interior exterior 2055 ) and now you own it - So I hope you took interior photos-measured the exterior - front-rear and side photos BUT the 2055 form does allow for a interior and exterior inspection BUT do not expect the lender to pay-you for converting it to a interior-exterior 2055 because you stepped outside the SOW and if you rate it as below a C-4 your toast because the client may have known there were issues like remodeling etc going on - On the other hand if it's a cream puff you better have those interior photos to prove it and plan on spending some time finding other comparables in similar condition- This is how you learn to not get pinned into a corner but I have no idea what you do when you check that interior -exterior box and the client comes back with no !

 

[bnmappraisal]

You can always exceed the SOW. What I think you want to do (or, at least what I'd want to do) is make sure I make it clear that my walk-through was not the same as what would be expected had the assignment been ordered as a 1004.

I think worth repeating!

 

[bnmappraisal]

You my friend have now just done a 1004 on a 2055 BUT no problem except your SOW was exterior 2055 and you converted it into a full appraisal- So I hope you took interior photos-measured the exterior - front-rear -side photos because you own it. And do not expect the lender to pay for your converting it to a interior-exterior 2055 because you just Screwed yourself : ) LOL

I tend to disagree and lean more toward what Denis described

The SOW was for an exterior only (2055) but just b/c the OP actually was able to enter the house, even though maybe (presumably) didn't do the "typical 1004" inspection (measure, pics of each room, full sketch of layout/floor plan, etc), doesn't mean his info shouldn't be null/void. I don't think he has now "just done a 1004" just because he entered the subject property. I also don't expect the lender to pay him for an interior-exterior 2055 since the SOW was simply for an exterior 2055 and that was the original acceptance of the assignment. Yes, it was the OPs option to go into/enter the subject property, which, again would be considered above and beyond the SOW, but is the appraiser's choice. I, personally, would definitely take this type of thing on a case by case basis, but I don't think the OP crossed any lines between exterior only 2055 and interior-exterior 2055, let alone 1004 territory. (caveat being as long as the appraiser discloses that they did actually go inside and some of the info gained may be from said interior "inspection" i.e. room count, etc)

 

[Tim The Enchanter]

What if it's vacant and you peek through the front windows?

 

[JTip]

Had this happen.....

I say the lender is not paying for a full appraisal. A driveby is 10 pages, full report is 35 pages. I'm here to change the oil for $30, not replace the engine for $30.

 

[JTip]

What if it's vacant and you peek through the front windows?

Stay in your car (or bike) for a drive by.