2055 form - only exterior?

[Lee Lansford]

Yes I can exceed the scope of work but why since I'm not doing a "full" appraiser. I'd seen the inside but I don't need to tell the client since client only asking for exterior.
I did an exterior appraisal few weeks ago and reviewer started asking requests regarding inside of subject in relation to comps. I said this is an exterior and the condition of subject is assumed and it go me out of the stips.

1st paragraph: No.
2nd paragraph: No.

Disclose what you are aware of.

 

[ucbruin]

I'm no chief appraiser....
But one has continually inferred....
That it's impossible to fulfill the above unless the appraiser knows access type to the basement and attic (and if any of these areas are finished, sump pump)....
OMG what about appliances, counter tops, upgrades, fixtures, finishes....
Imagine the horror of a 2-3 story home and not knowing if the bathroom is remodeled....
Yikes....

Properties not listed in MLS which are assigned by clients as pre-foreclosures with strict instructions not to contact homeowner/occupant....
Must be declined by the entire appraisal industry....

Appraisers can no longer completed 2055's with these restrictions....
So when I decline the next one I'll let the lender know that they should contact....
Danny Wiley
Senior Director of Single Family Valuation at Freddie Mac

 

[Terrel L. Shields]

exterior inspection should be sufficient.

If done properly the quality of the report should not be much different. However some of the minimalist products impact both the observable condition and the choice of comps, details, etc. and I do believe are far less reliable.

 

[Terrel L. Shields]

Imagine the horror of a 2-3 story home and not knowing if the bathroom is remodeled....
Yikes....

ask...how do you know it is remodeled when you see it? In older homes, might be possible but was it last year or 10 years ago? Some people are better housekeepers than others.

 

[ucbruin]

ask...how do you know it is remodeled when you see it? In older homes, might be possible but was it last year or 10 years ago? Some people are better housekeepers than others.

"ask"

Really???
I'm instructed not to contact homeowner/occupant....
And subject not listed in MLS....

 

[Terrel L. Shields]

Really???

Really...then ask the bank for a copy of the last appraisal
Ask a neighbor
If you exhaust your sources, then discuss the steps you took to find out, and then you can say, "I can't tell."

 

[Lee Lansford]

View attachment 45007

I'm no chief appraiser....
But one has continually inferred....
That it's impossible to fulfill the above unless the appraiser knows access type to the basement and attic (and if any of these areas are finished, sump pump)....
OMG what about appliances, counter tops, upgrades, fixtures, finishes....
Imagine the horror of a 2-3 story home and not knowing if the bathroom is remodeled....
Yikes....

Properties not listed in MLS which are assigned by clients as pre-foreclosures with strict instructions not to contact homeowner/occupant....
Must be declined by the entire appraisal industry....

Appraisers can no longer completed 2055's with these restrictions....
So when I decline the next one I'll let the lender know that they should contact....
Danny Wiley
Senior Director of Single Family Valuation at Freddie Mac

Appraisals for pre-foreclosure (and the like) are in the "other"("assignment type", top section page 1 Fannie report form) and NOT for lending use do not have to conform to Fannie requirements for appraisals for a refinance or sale. In these "other" assignments, certain EAs may be appropriate. EDIT to add: I'm not suggesting wild-eyed guessing.

 

[ucbruin]

Really...then ask the bank for a copy of the last appraisal
Ask a neighbor
If you exhaust your sources, then discuss the steps you took to find out, and then you can say, "I can't tell."

Hahahahahahahahahahaha
Ask the bank!!!!
Ask the neighbor what type of counter tops, fixtures, basement/attic access....
How many neighbors would you ask to be sure that the information was accurate/credible/reliable???

When the neighbors ask me why I'm asking them instead of the homeowner, should I tell them it's for a pre-foreclosure????

Did you think before you hunt, pecked and hit "Post reply"????

 

[Fernando]

Last month, I did a 1004. From the outside, it had some peeling paint and unkept landscaping. Inside, the house was remodeled completely with nice rear landscaping. If I didn't go inside, I would assume to be below average condition and use such comps. If low LTV, it wouldn't matter with exterior appraisal.

 

[ucbruin]

Appraisals for pre-foreclosure (and the like) are in the "other"("assignment type", top section page 1 Fannie report form) and NOT for lending use do not have to conform to Fannie requirements for appraisals for a refinance or sale. In these "other" assignments, certain EAs may be appropriate. EDIT to add: I'm not suggesting wild-eyed guessing.

Reminder from 2055 form. Same philosophy applies for 1004 desktop

View attachment 44954

USPAP 101 - addressed in almost every USPAP class I have ever presented

If information about the relevant characteristics of a property are not available, there are three options:
1. Take steps to gain the information
2. Employ an extraordinary assumption (two notes on this; 1. not allowed for GSE work, and 2. one must have a reasonable basis for an EA, regardless of whether GSE or not), or
3. Withdraw from the assignment

None of these support simply stating "unknown" for any major feature
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View attachment 44974