• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

2055 Exterior With No Comp Pictures

Status
Not open for further replies.

Debra

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

Is this o.k. to do with no comp pictures? I've never had a request like this before. Suggestions? What to charge compared to a full appraisal? Comments to include? I'm sure it's a limited/restricted report-correct? Thanks! Debra :eyecrazy:
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
1. You're relying on tax data, so you don't have to measure it. That's the only item that you don't have to do.

2. You still have to drive the comps, just not take photos. If you're doing digital, there's no cost difference, only 5 minutes of time that you don't have to spend dropping them into the report.

3. You still have to do all the stuff to comply with USPAP.

The company is not interested in comp photos, just want a "quick and dirty" appraisal on a home that they're not really concerned about value - credit's great, LTV is probably low. Just want something in their file.

AS to fee, it should be the same as any other exterior but it's your decision.

Roger
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
I agree with Roger. Take those comp photos anyway while your driving by them. Never know when they'll call back and ask for them after the fact.

Regarding the fee, I charge the same base fee for my value opinion no matter what form they want. That part is a business decision.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
FNMA guidelines on exteriors is that the front photograph of the house is required. No additional photographs are required. Hence, the comp and street photographs are not required. Though I agree with others that I would take a pictures of the comps.
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Why does anyone order a 2055 for anything?

Because they believe it takes a lot less time and will cost a lot less money. That's usually the only reason they order a 2055 instead of a URAR. Sometimes it does take less time, sometimes it doesn't. They still are getting a USPAP compliant Appraisal and Report.
 

Debra

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

I will take all the pictures anyway. So...Pamela charges the same for a 2055 exterior as for a full appraisal. What percentage of a full 1004 appraisal fee do the rest of you charge for 2055 exteriors? What percentage for 2055 interiors compared to the full 1004 appraisal fee?There is a large price range on these in this area. Thanks! Debra
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Thats a business decision that only you can answer. There's as many answers as there are appraisers.

Roger
 

Steve Forstner

Junior Member
Joined
Aug 18, 2003
Professional Status
Certified Residential Appraiser
State
Michigan
I can only add that on a 2055 interior, I collect exactly the same field information that I do for a URAR. You'd be surprised how many times you get asked to switch forms a week later. Helps to have all that stuff in the file.

Steve
 

Debra

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

Yea...I do collect everything that I would for a 1004. I've done a lot of 2055s but never had somebody ask for no comp pictures before. I'm never sure how much to charge for the 2055s. I don't want to not get as much as I can get for them but I don't won't to say to much either and have them send it to somebody else...Debra
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
The clients order probably says "2055 Drive-By No Comp Photos"...yes ? It is still the issue of Scope, what the client requests and what you provide, and any other element of common sense that still lets you sleep at night and be able to defend reasonable compliance. The drive-by order is not going to go away. I do them, and many of us do them. In this situation I still select the comps that are most recent--most similar--most proximate and I take their pictures as I drive that street. It is lunacy to drive-by a sold comp, as if only to look at them, and then NOT take a picture because they do not ask for pictures ! I really have to believe it is a datebase and bytes-minimizing thing for them when the client archives the report or sends it elsewhere. Put those photos in their respective places in the report, print yourself a thumbnails page for you paper record/file, and then build your PDF file (assumed you do that) without the comp photo pages. In your USPAP addendum write-up be sure to mention that ......"Client has requested that report be submitted with no photos of the comparable properties selected for analysis. The appraiser did take photos of those properties when viewing them from the roadway, and those photos reside in the appraiser's workfile". I have never been asked to later provide proof that I did see those comps....but they dare never challenge me in the future should they suspect that I did NOT see them. I did WHAT THEY ASKED (no comp photos in the submitted report) and I reminded the reader of what my order states and what I provided. This is only for a 2055-Exterior order, and the same request has never come my way for a 1004 or 2055-Interior. For those, I would always send the report to include comp photos. Remind them what they asked for ! I would consider absolutely NO fee reduction because photos were not included. You drove them, you saw them, no change from any other standard drive-by. However, that is your negotiation to conduct. Stick to basic, full and normal fees for your standard reports. It can get frustrating when you you have varied echelons of fess for the same report with different clients. When the complex report comes along, explain how it is complex (they will not know otherwise !) add beef to your fee, sell it, and you'll probably get it if you can assure good turn time and keep your word on it. Don't forget to suggest c.o.d. at any available opportunity with a new and first-time client. Make your working life easier when you can.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks