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2070 With A Value Range?

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Liz South

Junior Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Virginia
Just got a really dippy request from a good client. Did a 2070 for them. Come to find out that there was an equity line mortgage on the property so now they want a value on the 2070. I told them that the 2070 is not an appraisal, it is just an inspection report. To do a value or range of values would require an appraisal. Of course their response was (now haven't we all heard this line)
"But all the other appraisers do this . . . ".

My response was that this would require an appraisal and that 2070's are NOT appraisals.

Glad that its Friday.

Liz S.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Tell em you can do a 2055 exterior for only XXXX more. :D
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
I have the following statement on the 2070 and 2075 forms and also in several other locations in the report. "An opinion of value or range of value has not been developed by the appraiser."
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Beats my call today. I had my best lender wanting to know if I do a LOT appraisal..... can I give them a break on a construction loan appraisal ........ since I'll be using the same data. :huh: :wacko:
Told them not really, two different creatures. Lot appraisals have lot comps. House appraisals have house comps. Having the lot comps MIGHT save 30 seconds in the cost approach. ;)
 
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