• 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 With 4 Values

Status
Not open for further replies.

Sandra Subotich

Freshman Member
Joined
Jan 27, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
Being asked to appraise a home for financing purposes for a Rehab loan on a 2055 UAD report. Scope of work was sketchy to begin with and scope suddenly grew over a week...hmm...

Client wants As Is value, As Repaired Value 30 and 90 days. Then threw this little bomb into the fire. The subject has a deficient basement wall with $20,000 of repairs.

I declined the assignment stating your client doesn't know what they want and neither do you. Is this even permissible to place this request on a 2055 UAD?

A) Certification statement conflicts with above request IMHO
B) I am to assume the subject is in "average" condition, this is not average this would be poor with a rating of a C5 and subject to repairs.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
And why do you think they don't want you in it?

It's probably a C6.

.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
For $2,000 I could most likely write a Scope of Work that would be appropriate.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
I presume it is permissible . Sounds similar to the REO addendum with 4 values, as is, as repaired, then ditto in specified limited marketing time. The 20k repairs in basement would be factored in, might make it C5 ...not that horribly difficult an assignment imo but can understand why you turned it down.
 
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