2055 Exterior And Then Borrower Lets Me In?

[Mr Rex]

Yeah, I get that. I also get that if it just so happens that the kitchen has been renovated and don't have that in my report because I decline an invitation to go inside, then I will have to deal with that later, and THAT would cost money as well. even if I "stick to my guns" and say it was an exterior only, I still have to deal with the calls/emails and the associated wasted time.

Isn't that a perfect example of why there should have been an interior inspection to begin with? If the LTV and credit scores are such that it doesn't require inclusion of the updated kitchen is one thing, "I still have to deal with the calls/emails and the associated wasted time" is another and shows how far you personally have jumped the shark. MHO.

 

[Mr Rex]

123456790

 

[residentialguy]

123456790

You missed 8
of course, with a drive-by, you're going to miss something.

 

[residentialguy]

No. I would simply clarify the extent of the inspection/observation. In fact, I might use "observation" rather than "inspection." Example:

In addition to the exterior inspection, the appraiser also completed a limited observation of the interior. The appraiser walked through the home at the invitation of the owner. The home was not measured; the GLA is from (insert source). This observation was NOT a complete visual inspection as required when using form 1004.

How hard is that?​

The reason we inspect properties is to gather data, and i just don't see the downside to gathering the most data I can.

I agree. It's still a 2055. Going inside makes it easier than trying to verify the condition of the interior by other means. We can NOT make an extraordinary assumption about the interior. The appraiser may expand the scope of work to include any additional research. The minimum inspection is from the street. No downside to this. Personally, my fee for a 2055 is the same as a 1004 because it is more work. I've done an interior inspection on a comp, too...same minimum inspection is required.

 

[DWiley]

Personally, my fee for a 2055 is the same as a 1004 because it is more work. I've done an interior inspection on a comp, too...same minimum inspection is required.

Yeah. I do not understand why most appraisers discount the 2055 so much. When I was out in the field we only did a 5% discount for 2055.

 

[ucbruin]

Yeah, I get that. I also get that if it just so happens that the kitchen has been renovated and don't have that in my report because I decline an invitation to go inside, then I will have to deal with that later, and THAT would cost money as well. even if I "stick to my guns" and say it was an exterior only, I still have to deal with the calls/emails and the associated wasted time.

WTF???!!!

 

[residentialguy]

I've charged $3000 on a drive-by. They are way more work if you do them properly.

 

[ucbruin]

I agree. It's still a 2055. Going inside makes it easier than trying to verify the condition of the interior by other means. We can NOT make an extraordinary assumption about the interior. The appraiser may expand the scope of work to include any additional research. The minimum inspection is from the street. No downside to this. Personally, my fee for a 2055 is the same as a 1004 because it is more work. I've done an interior inspection on a comp, too...same minimum inspection is required.

"Personally, my fee for a 2055 is the same as a 1004 because it is more work."

Than shouldn't you be charging more???
Just thought I'd poke the bear....

 

[residentialguy]

"Personally, my fee for a 2055 is the same as a 1004 because it is more work."

Than shouldn't you be charging more???
Just thought I'd poke the bear....

Usually it is.

 

[DWiley]

I've charged $3000 on a drive-by. They are way more work if you do them properly.

In my office i did not view it as more work, but certainly it isn't significantly less work. It is essentially the same as a 1004, except that one has to rely on data sources other than personal inspection for info on relevant characteristics. We had research assistants on staff to assist with that, which meant that appraiser time was actually slightly reduced. There was also some savings on admin costs because an inspection did not have to be scheduled, which also meant some work efficiency gain. Netting it all out, we did them at about a 5% lower fee than a 1004 on the same property.