2055 Question.

[Richard Carlsen]

I use exactly the same data gathering for a URAR and a 2055 Interior. Same procedures exactly. It helps me more fully understand the property and I'm less likely to forget something. And using only one procedure is much more time efficient.

Also, I've had many occasions where the lender ordered a 2055 but actually later changed to a 1004 and visa versa. Common data gathering makes it easy.

 

[Evincere]

Wally wrote:
"However, the original question had to do with a request for a 2055 with exterior and interior inspection. In those cases, I advocate measuring, since the client undoubtedly wants a sketch anyhow. Besides, it should help the overall report to be more accurate and that seems like a good idea. "


Always, upon making an appointment for an inspection, ask for a copy of the Survey to be made available to you. It not only identifies/verifies the existence/non existence of adverse easements and encroachments at time of the inspection, it is also a confirmation of your measurements. These questions are on all the Forms and require an answer from the Appraiser doing the inspection.

8 out of 10 times, the Borrowers have provided Surveys to the lenders. As such, you should also try to obtain one to CYA.