2075 Form... Any Disclaimers??

[Jim Payne (SD)]

<span style='color:blue'> Hello Again Forumites!

Have any of you had a request for the 2075 Form?? I did 10 days ago, after I had gone out to the property and taken all of the Photos. The LO called and stated that the Reviewer only wanted the 2075 Form. I asked the LO if he wanted the 1004 Form also... he stated "do only what the Reviewer wants, I don't want to get into TROUBLE with her".

I charged my regular Appraisal Fee and sent the 2075 down the road... What I am wondering is--do you all have any Disclaimers (other than the USPAP Ones) that we all could put in there to protect ourselves??

Thanks For Replying!!

Jim Payne (SD) </span>

 

[Terrel L. Shields]

i do not use a 2075, but since you are not reporting a value, I do not see that the report falls under Std. 1 and 2. It is a consulting report performed under Std 4, 5. I do not know if it even requires a Lic # and stamp in most states.

Since you are being asked to perform this service (likely) because you are an appraiser, you cannot misrepresent that role. But you do have limited responsibilities compared to providing a value indication. Read Std. 5 for the minimum requirements and make sure the 2075 covers that.

 

[Jo Ann Meyer Stratton]

I haven't completed a 2075, but I do have a template for a 2070 that might provide some ideas. I can email you that if you would like to take a lookt at it. Is your office in or near Yankton? I'll be wandering around between Bloomfield, Magnet and Wausa the morning of July 8th--might make it further north, my schedule that AM is still uncertain. Lee Ann I guess you will be in Hawaii, so maybe next time.

 

[Larry Lyke]

Jim --

It's pretty hard to get into trouble filling out the 2075.

It's only a half page of information about property.

There's no value information at all.

The appraiser certification is almost "hold harmless."

 

[Mountain Man]

It is the ONLY easy money in our biz. Take it, fill in the little check boxes, give 'em photos, and don't forget the bill. Wish I had more of them. No value, just a property condition report.

 

[Ross (CO)]

I would comment directly on what I could NOT see, like basement, back yard and garage, and I have also stated that "this report is not to be considered as an appraisal of the property as no market valuation conclusion is rendered" ..... which everybody knows anyway, but just in case the reader thinks they may have a value in THEIR mind or perhaps they shared a value "estimate" on their order to you and feel that your completion of the 2075 supports what they put down on paper. Back at start of this year I turned down the first one I received when the order stated boldly an "estimate of $400,000" and I was not that comfortable with client's response when I called them to inquire. Oh well.

 

[Larry Lyke]

Ross --

I'm not in favor of "addendumbing"* a report to a reincarnated existence. *[coined by me]

Commenting on what is not apparent makes it more apparent. The form itself must be respected, not with genuflects, but as an existing presentation document designed with a certain purpose in mind. In other words, the whole idea of a pre-labeled form is: the URAR, 2055, 2075.

The reader you refer to is your client (intended user), so if you feel the need to clarify something, a simple note to the effect that no valuation is inferred could be added. The 2075 form simply doesn't have a valuation context implied.

An appraiser cannot insulates herself from what people are thinking! Nor does the latter impigne on the usefulness of the pre-designated form.

If called to defend the form, I would start by reading the appraiser's certification to the client. The closest this form comes to valuation is in the Neighborhood section talking about market price spread, etc. If the $400,000 written on the order form doesn't fit in there, the client can figure it out. The client really wants to know if the house is next to the city dump or has obvious signs of unrepaired damage. Or if the property exists at all!

That's my take.

 

[Frederick R. Ruffell]

I also had concerns about an appraiser providing this service untill I read some material provided in a recent CE course. It stated in FNMA's own words that the reason that FNMA has appraisers do this type of job is that they feel the appraisers are best qualified do do this for them. They said this after saying that they realize that this is not an appraisal.

 

[Larry Lyke]

Frederick --

And, of course, you get what you pay for. By hiring an appraiser you're hiring someone who can discern potential problems which are visible from the outside -- as much as we know that most problems are more easily disernible from the inside, but that's another subject.

This is an exterior inspection declaring the property to be extant at the moment the appraiser took the photo. That's about it.

 

[Frederick R. Ruffell]

Larry,
If I remember correctly the form asks for more than just if the property exists. I think an appraiser can determine alot for their client, such as style, exterior condition, materials, zoning, easements, encroachments, conformity, highest and best use, expenses (i.e. taxes, special assesments, HOA fees), neighborhood value ranges, view amenities, market conditions, just to name a few. Yeah you get what you pay for when you hire me!