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2075 Report, But Disclosure Reveals Prob

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Joined
Mar 19, 2002
Professional Status
Certified General Appraiser
State
Illinois
I normally don't make comments on a 2075 with regard to repairs, because I'm not usually aware of any, however, for this purchase, I got a copy of the disclosure and it has a small list of problems including a leaking basement and roof problem.

Would the rest of you put these comments in your 2075, which only asks for "apparent physical deficiencies" ?

I appreciate any responses,
 

Tim Hicks (Texas)

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Texas
If you have knowledge of deficiencies and you don't disclose them, you would violate ethics by not disclosing. It could be considered misleading because you said no, when you have information that says different. Always, do what is right and just.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
In that case, I would call the lender and advise them of the repair issues, and that the 2075 would not suffice. If you mark the repair problems on the 2075, as Tim pointed out that you should, the UW will automatically reject it and require an appraisal with interior inspection.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I have been waiting for just this type of a problem.

This is not an appraisal, because you are not rendering a value.

This is an consulting assignment. Follow, USPAP.

The second paragraph of your improvement suction ask about defects.
Include your source for the defects.
 
W

walt kirk

Guest
The 2075 asks if there are any apparent problems with the property. List everything that you know or suspect about the property, the underwriter will reject the property or call for a URAR and you will collect another fee!
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I believe the 2075 says if there is a problem area, switch to a full appraisal.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
It does not say that on the form.

Collect two fees, they deserve this since they are always trying to cut us out of the process or pay us less.
 

Greg Hyland

Sophomore Member
Joined
Mar 30, 2003
Professional Status
Licensed Appraiser
State
Wisconsin
add addendum, and put "per sellers condition report-the following was listed..." and then list the problem items.

make sure you put your response of EXTERIOR INSPECTION FROM STREET.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I would scan the Disclosure Statement and drop it into the report. That gives you the evidence to support your "problems" comments.

Roger
 
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