2075's

[slacker]

<span style='color:blue'>Is a 2075 actually an appraisal or is it just a “Property Inspection” as defined on the form? I just got an order for one and I haven’t seen one used in quite some time.

If it were considered an appraisal would it be defined as a “Limited / Summary", "Limited / Restricted", or what? And since there is no value estimate being made, is there anything to depart from as far as USPAP goes??

I'm not sure what to call this thing.

Thanks
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[Jo Ann Meyer Stratton]

I haven't done a 2075 but have a few 2070s. I post statements all over the place that I did not complete an appraisal assignment and have not offered any opinion or range of opinion of value. And I hope that keeps the USPAP police happy. If you want, I can email you my template for a 2070 later today.

 

[rtubbs]

Slacker, they are not appraisal and USPAP don't apply.

 

[larryhaskell]

Both forms are for inspections. The 2075 is Fannie Mae and the 2070 is for Freddie Mac. They are absolutely not an appraisal. Sometimes I'm asked to do an interior inspection and provide a sketch. They a real money makers.

 

[bradellis]

rtubbs,

You are right about this type of an assignment not being an appraisal.

You are not right about USPAP.

This is one of those things that fall under "Valuation Services" vs. " Appraisal Practice". Valuation services is the broader umbrella under which appraisal practice exists.

Therefore, USPAP does apply but there are no "standards" at work. But you still must follow the ethics rule.

Brad Ellis, IFA, RAA