2055 form, comments, addenda, etc.

[Larry Lyke]

Lisa --

First: Because these posts are written in stone and will remain forever in the archive, would you go up to your Monday 6:40 pm post and change the "2005" to "2055." Thanks.

Second: To respond to your most recent post just above. For a 2055 drive-by I would think if you do not have to provide a Sketch and Interior Inspection you might allow a $25 discount.

HOWEVER, it is my opinion that it's more work to do a drive-by "guessing"* at what's inside that your're missing.

I still often request to measure the property and call ahead to assure the Homeowner I'm not coming inside. I would rather measure the property for myself as long as I'm going to be driving by and have to defend the Sqft.

On the witness stand: ..."Well, Mr. Lyke, if you didn't go into the property to ascertain its condition, how did you come up with the square footage? Measure if from the outside?" ... 'Yup.'

*As in using other research avenues.

 

[lisawilson]

Sorry about the typo, I corrected it.

I agree that it is harder to do a drive by because of the unknowns. However I will only do a drive by if I have reliable info, either from the tax office or from a previous MLS listing that I deam reliable. Most drive bys that I do are pre-REO's with often hostile occupants. I am not going to risk my life to measure a house when I can get it from our tax office, and the tax office is usually within 2 to 5% of the square footage that I get. If I have my choice I would rather do a full inspection than "guess". Then I know the condition, size, etc.

 

[Don Clark]

8)
Lisa, and all brave souls who do drive-by's. All the above post are great. I do drive-by's but don't like them. I have done them for many years on such forms as 704's, 1004's, 2055's, etc. I have to do them on my VA Liquidations(foreclosures) when I cannot gain access to the interior. Do I like them :?: NO. But it is a cross we all must bear at times. However, I do not sleep well at night sometimes after doing them. I was asked back in the days of the RTC to do an "Exterior Only" drive by on a 1004 of a property that was listed for $895,000., on the water with boat access from 3 sides, a 3 tiered boat ramp,deck & dock. Had extensive interior photos taken by the agent(stole it out of a prom mail box in front of the property :twisted: ). Had great MLS and public records data and old MLS sales data on subject. However, it has been over 5 years now and I still get queasy thinking about it.

2 years ago I was asked to do a 2055 on a property assessed for over $900,000. with an old(less than 2 year) full appraisal on it. I was given a copy. Had great sketch, addendums, etc. by an appraiser I know and trust. I really, really balked at the idea of a 2055 but was finally convinced to do the DB. My opinion was $1,100,000.00 on the 2055 DB. Guess what, a month later they wanted me to "convert the appraisal to a 1004". I said "no way Jose". You pay me the fee for a new full appraisal and I will do it. I told you up front that is what you needed and not to ask me to do that after doing the 2055. Well.................lost a client because I would not "just convert it, you don't need to reinspect it". I say ...good riddance.

Don