A 442 OR 1004D for an "AS IS" appraisal? What?

[Tucson Appraisals]

A 442 OR 1004D for an "AS IS" appraisal? Has anyone been asked to do this and what was your response?

 

[Annemieke Roell]

No, never had that request.

There is nothing to 1004D on an "as is" ..... so I can't help you. Unless they want the top part ...... whether the property has declined in value since the date of the appraisal report.

 

[Tucson Appraisals]

The underwriter has a problem with the condition of the property and wanted me to see the property to see that the repairs were done. But...I did not state any conditions on the original appraisal. AND she wanted it on a 442.....wow! I wrote a letter of "inspected items" to the client and explained the condition of certain items and that I was not stating any valuations. MB got upset because the underwriter won't let the loan happen unless it is on a 442....wow. I can not comply with the request because I did appraisal "as is". Anymore comments on this?

 

[Peacemaker]

Sounds like they want a new appraisal, that takes into account the updated condition of the property, but they only want to pay for a 1004D. I'd tell them where to go. You have no obligation to fufill every stupid request a lender comes up with.

 

[Tucson Appraisals]

That was my thought, thank you Wendy.

 

[Shane Trotta]

I had this same thing happen not too long ago...it was a sale, lots of vinyl siding missing, and a couple broken/missing windows; they had to repair these things to fund the sale, i guess (the inside was a total mess).

anyways, I said the same thing, a 1004D has no business here, but all they wanted were new pictures-and they wanted it on a 1004D form. To be quite honest you can change the SOW and anything else you need to on this form, so go ahead and write up your own SOW / addendum, explaining it is not a completion report in regards to your original appraisal which was completed "as-is", but rather a consulting assignment as to the condition of the property as of this date, and has no effect on your prior appraisal and is deemed a completely new assignment. At least thats what i did....

 

[DH Wilson]

I get them alot, especially when there a things that have a small C2C on the as-is appraisal and the UW decides they want them fixed before closing. I put on the form the original report was as-is and the lender requirement is to have the item corrected and Im verifying the work was done and there has been no decline in value since my original report.

 

[Bill_FL]

Yeah, I have had the request, one last week. The appraisal was as is, but there was some minor damage to the house on the exterior. The lender was ok with the "as-is" value, but did not want to loan on the home with the repair needed. The owner had it fixed, the lender called, asked me to do a 1004d with photo to show the repair was made. No big deal.

 

[Randolph Kinney]

I had one where I called out deferred maintenance of a fountain under construction in the back yard (with photograph) but appraised it "as-is".

UW comes back with a 442 request because they think it is a safety issue (tile lined recessed tub of fountain, incomplete water structure). They want the fountain finished, filled in, or covered with a tarp. Owner covers it with tarp, I go down and photograph it.

I state in my SOW in the 1004D that the original appraisal was "as-is" and the only scope was to photograph the choice the owner made to comply with the request.

Easy money. :new_all_coholic:

 

[Tucson Appraisals]

So even though the scop of work is already written in and defined, you think it is ok to use it and then write another scope of work on the same form..? Couldnt that be misleading in some way?