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2055 with Interior/Exterior ????????

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jtmilby

Thread Starter
Freshman Member
Joined
Jan 15, 2002
I need some info about the 2055 process. I am fairly new to appraising, been doing it for about 1.5 years and this is the first time any of my clients have ever requested a 2055. All work is usally an URAR.

The question that I need to know is about the interior. Do I need to measure the interior of the house? If so do I include a sketch of the interior along with the report?

The L/O made a statement about "it may take you along time to measure the interior of this house".

I know this is kind of a lame question, but I have never done this type of report and every appraiser I know in this area is out of town.
 

wyecoyote

Senior Member
Joined
Jan 15, 2002
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Washington
jtmildy,

On a 2055 with interior you have to measure the house. If it is a house it is the exterior wall measurements and a condo the interior measurements.

Ryan
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I still can't figure out why lenders even bother with the 2055 Interior/Exterior. It's pretty much the same as the URAR, only it looks a little different. One thing is for sure, when an interior inspection is requested you will be doing just as much work as you would with the URAR. I tell the lenders this, and charge the same as I would with the URAR. Nine times out of ten, if I tell them this, they'll say to just go ahead and order the full URAR.
I know a couple of appraisers who charge less for a 2055 Interior/Exterior, and my bet would be that's what the lender is hoping for. Exterior only is one thing, but a full inspection is a full inspection....don't let them try to tell you it isn't.
 

David S. Roberson

Senior Member
Gold Supporting Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
The only reason I would measure an interior room would be in a case of EXTREME functional inutility for underwriter clarification.
 

Ray Ohler

Sophomore Member
Joined
Jan 15, 2002
The 2055 is just another reporting form. Other posts reflect this. Whether you are using the URAR, 2055, Paper Towel or Napkin (latter used in the "old" days), the piece of paper you are filling out is a reporting form. Whatever the "scope of work" of appraisal is another thing.
PS - I too only take interior measurements when there are certain circumstances (i.e., cathedral or vaulted ceilings, "large" open foyers (can you define "large"?, what EXACTLY do you mean by "IS"? :lol: ), etc.
 

wade3333

Senior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Georgia
They are requesting a 2055 interior/exterior wanting to get an appraisal for less money. It is easier for me to do the 1004. Only do interior sketch if there is a functional problem on 2055 and 1004. Wade
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
jt:
I have made the offer in the past to email templates that I have created (after a lot of info through the years from other appraisers and all the chat rooms) to any appraiser that is interested. And I am always looking for feedback to improve my reports. I have templates for 2055, URAR conventional, URAR FHA, 2070, retypes, reviews, update to an appraisal letters, etc. If you are interested my email address is: [email protected]

With a 2055 interior, just as the others said, you go through all the same research and field work as if you are going to prepare a 1004. Personally, I also do an interior sketch while there in case it later transforms into an order for a 1004 and also just for my own information. It is when you get to writing the report that things change. The 2055 does not have a cost approach or an income approach. If in your professional opinion you think a better documented report would require one or both of those approaches, discuss it with your client. If in your opinion a reliable and documented opinion of value can be established without those two approaches--forge onward. 8) If they are requesting a 2055 exterior, the same research as the 1004 is necessary, but you only drive by the property (looking at as many angles as possible), obtain information about the subject, especially the interior any way you can (without trespassing) neighbors, owner, real estate agent, someone walking out the door, etc. And discuss an exordinary assumption in your report. Again if in your opinion, it would be necessary to view the interior, talk to your client about upgrading at least to a 2055 interior.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
The 2055 is part of the streamlining in appraisals. This is mainly a sales comparison approach on 1 page. The rest is supporting info and limiting conditions. The cost and income approach have become less important and is reflected in this form. I always include a sketch on the interior assignments but I don't know if it is a requirement. Just rather CMA just in case. This is a good form for most simple residential properties and fast to do. The only additional information required is to give a range of active listings similar to the subject. Also a good thing to know. :lol:

How much influence does Marshall and Swift have anyway, and how often to you include the income for a residential. It also has the Fannie Mae logo on the form :twisted: that should tell who is wagging the tail. :wink:
 

Terry Lockwood

Freshman Member
Joined
Nov 3, 2005
Professional Status
Appraiser Trainee
State
California
2055 interior

my understanding is that the 2055 is now only an exterior only and there is no longer a 2055 w/interior......Alamode does not have a 2055 interior form......am I mistaken?
 

Annemieke Roell

Senior Member
Joined
Aug 28, 2003
Professional Status
Appraiser Trainee
State
Oklahoma
Terry Lockwood said:
my understanding is that the 2055 is now only an exterior only and there is no longer a 2055 w/interior......Alamode does not have a 2055 interior form......am I mistaken?
No Terry .... you are correct. But in 2002, when this question was asked, it was different.

:rof: :rof: :rof: :rof:
 
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