• 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.

2075 just what is required?????

Status
Not open for further replies.

Jerry Ingmire

Thread Starter
Freshman Member
Joined
Mar 20, 2002
Does anybody have any comments on what addenda should accompany the form 2075?
It is not an appraisal, no estimate of value is given, but I dont want to stick out my neck and then have the axe fall.
What certifications or other comments should accompany this form.
Thanks
Jerry
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
it is not an appraisal, it is a property inspection. No value is given, so it is not an appraisal. No addenda is really needed unless you really want to re-state that it is not an appraisal. Easy money.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Jerry, provide only what the form calls for and nothing more. They uw only wants to know certain info about the property and the neighborhood. If there is anything that concerns you, ask the lender to upgrade it to a 2055 (either exterior or interior/exterior). I'll take all the 2075's and 2070's that lenders will send my way; wish I could get 10/day. Good luck.
 

Lisa Alleva

Sophomore Member
Joined
Nov 10, 2002
Professional Status
Certified Residential Appraiser
State
New York
Hi Jerry,

Nice to meet you.

I've been typing reports for five years, and the appraiser's all fight over who gets the 2075. Easy money and piece of cake!!! It's just a property inspection. As far as the addenda, only comment on what you see, if anything. I've discovered that less is more in this business. Obviously, if it is next to a gas station and across from a super market on a busy street, you have to comment on it, but if not just do what the form calls for and have fun!!! LOL It doesn't get much easier than this!! LOL

Good luck!

Lisa A.
 

Jerry Ingmire

Thread Starter
Freshman Member
Joined
Mar 20, 2002
I have done two of these in the past couple of months, one of the underwriters that I work with stated that she thought that there should be some kind of addenda or certifications or something required by USPAP. I have read USPAP cover to cover about 3 times and constantly refer to my USPAP when I am doing one thing or another. I can't find any where there is any requirements for a 2075, because it is not an appraisal, just a property information verification.
Sorry guys I am not going to send these to you, cause I agree that these are simple and easy and with the amount of appraisals that I am being slammed with I enjoy an easy one once in a while. There is no such thing as a slam dunk, except for this type of property verification.
Jerry
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Jerry,

Although it's not an appraisal, it's still an assignment and you are bound by Conduct in the Ethics section of USPAP. 8O 8O

No, I didn't figure that one out cause I'm not a USPAP guy. Actually, I believe Brad Ellis, IFA, AKA one of the manifold USPAP GURU's here, posted something like that awhile ago. Where is that old guy anyway?????

Ben
 

bradellis

Member
Joined
Jan 16, 2002
Ben,

Hiya! Been busy whith personal stuff- that's all.

On the 2075, there is currently some argument over it. Clearly, it is an inspection and not an appraisal since it has no value opinion. However, it is ordered from an appraiser, so the question is now is it a specific part of appraisal practice or just of the larger valuation services umbrella?

Two schools of thought. First is the one that says since it is ordered from an appraiser, it is part of appraisal pracetice. Second is that since it does not involve the analysis of value, it is simply part of valuation services but not appraisal practice.

My view- and it is editorial (meaning do not hang your professional rep on it) is that when these are ordered from an appraiser it is done simply for sake of potential future convenience. They result from a Fannie or Freddie loan under DU/LP (Desktop Underwriter or Loan Prospector) and these can result in future work that DOES involve appraisal practice. Since the appraiser has already seen the property, that data can then be incorporated into a future appraisal assignment, thereby saving some time and perhaps some money. Therefore, I believe it is part of valuation services but not appraisal practice.

But note that others disagree. Either way, the appraiser is bound by the rules (ethics, etc) but since there are no actual standards covering it, none would apply.

I would certainly add scope of work and intended use/users to an addendum, but would probably leave it there. I'd do this only for an abundance of caution and not because I believe it is part of appraisal practice- that way you do not get hurt if the "official" detemination is that it is appraisal practice.

Hope that is clear as mud! Your statement is right on.

Brad Ellis, IFA, RAA
 

Steve Owen

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Brad, thanks for the info. Your analysis may not be exactly correct, but it seems reasonable. I had not been adding the addendums you mentioned, but probably will start doing so.

In my experience, these rarely lead to additional work - but, of course, that's just one man's experience. It seems to me like they order them when they already think they know the value and have a client with excellent credit.

One additional thing. My software (toolbox) uses the language "Appraisal Report" on the cover sheet and invoice. I created a template, using the text tool, and X'd out the word appraisal - putting the language "Inspection" in its place. I also put "Not an Appraisal" in bold text on the first page. You can't be too careful, IMHO.
 

bradellis

Member
Joined
Jan 16, 2002
Steve, Ben and all,

Well after speaking with some knowledgeable folks about this, I will assert that these are a part of appraisal practice.

Fannie is specifying that they be done only by an appraiser. Therefore, since they specify appraisers, it falls under appraisal practice. Now, should they decide to use non-appraisers, that could well change the tune.

But for now, I suggest we all do them as part of practice. No, it it not appraisal, appraisal review, but could be part of appraisal consulting.Or, it could be under "other".

Good luck.

Brad Ellis, IFA, RAA
 
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