2055 form - only exterior?

[George Hatch]

I don't think anyone is going to criticize you for doing the minimum, and I don't think anyone is going to criticize you for doing more than the minimum. You may weigh the costs vs the benefits of doing more and decide it's not worth it to you. Or, you may decide that it's in your business interests to do more than your competition.

Same as always.

The one thing I will say is that (IMO) the primary attribute appraisers sell is not signed appraisal report forms. What we *really* sell is our credibility. So to the extent that we think a reader may value a measurement of the exterior footprint or looking through some windows into the interior, it might be worth it to some appraisers to make that additional effort. Or not.

 

[George Hatch]

Shoot, I can imagine how some lenders might appreciate it if an appraiser calls and makes an appointment to inspect, and includes a request to raise all the shades so he/she/it can peep in, and to measure the footprint and do a diagram and take some interior pics through the window - everything but the comprehensive walk-through. No in-person contact necessary.

We could certainly do that much safely enough. If any of our clients valued the additional effort enough to pay for it.


I don't think it's too soon to suggest that appraisers consider the dynamics of what happens if/when RE activity declines. If the number of assignments declines but the number of appraisers remains the same then it's not hard to imagine what's going to happen WRT which appraisers are getting more of the available work vs which are sitting idle. And how those decisions are going to be made.

 

[Tom4value]

You can always exceed the minimum requirements! Assuming what you are doing is not illegal or dangerous, you can go up to the house, measure it, peek in windows, whatever. With regards for liability, just explain the extent of the inspection and don’t assume anything (I.e., if you see a worn floor in the window, don’t say it is unsafe if you didn’t actually go in and inspect personally).

 

[ucbruin]

Other than to not inconvenience a homeowner by having to meet the appraiser....

I never have understood the reason/purpose of the 2055 form....

 

[Terrel L. Shields]

I never have understood the reason/purpose of the 2055 form....

It would have been handy that time the lady threatened to shoot me...

 

[chad hampton]

Other than to not inconvenience a homeowner by having to meet the appraiser....

I never have understood the reason/purpose of the 2055 form....

I can count on my one hand the number of 2055s I’ve done for anything besides pre-foreclosure purposes where they did not want the borrower to be notified.

I’ve turned down 2055s when I saw they were for refinancing. I’m not willing to be liable for that in normal circumstances.

 

[ucbruin]

I can count on my one hand the number of 2055s I’ve done for anything besides pre-foreclosure purposes where they did not want the borrower to be notified.

I’ve turned down 2055s when I saw they were for refinancing. I’m not willing to be liable for that in normal circumstances.

I hope you haven't violated the form preprint like I have been doing....

But I'm sure DW will now have the preprint language changed since he's now playing for the home team....

 

[Carnivore]

Shoot, I can imagine how some lenders might appreciate it if an appraiser calls and makes an appointment to inspect, and includes a request to raise all the shades so he/she/it can peep in, and to measure the footprint and do a diagram and take some interior pics through the window - everything but the comprehensive walk-through. No in-person contact necessary.

We could certainly do that much safely enough. If any of our clients valued the additional effort enough to pay for it.


I don't think it's too soon to suggest that appraisers consider the dynamics of what happens if/when RE activity declines. If the number of assignments declines but the number of appraisers remains the same then it's not hard to imagine what's going to happen WRT which appraisers are getting more of the available work vs which are sitting idle. And how those decisions are going to be made.

Under conditions where the Appraiser and Client actually speak/communicate with each other...Yep, i can see the upside to that

BUT, with a Monkey in the middle ?? I don't see that happening unless a Client Directs the Monkey to use the Best Person not necessarily the most expensive as opposed to the Cheapest and not the fastest Road Runner, but the slowest or average.

 

[Fernando]

If LTV is low, exterior inspection should be sufficient. If LTV is high especially over 90%, appraisals need to have interior inspections since lender is taking most of the risk.
During these uncertain times, if I was a lender, I wouldn't be doing 90%+ LTV unless government guarantees those risky loans.

 

[Lee Lansford]

I just finished a 2055 and it was a vacant house. I could have gone in but it was exterior inspection. I was able to open fence and look around the property with rear photos.
I even peek inside the windows and took interior photos from the window. Then I realized this is an exterior and what I was doing was more than required. I measured the garage because public records not accurate for garage size.
If I had disclosed I look inside house I think my liablility for just being an exterior inspection went up so I decided not to show photos of interior.
Are there limits to what I can do for 2055?

You can exceed the minimum SOW.

I would have included the photos that I took of the inside while standing outside.