Attached condo on 1004/70H

[sputnam]

Nothing in USPAP dictates which form to use for a particular property. The extent of what USPAP says about it is 'Appraisal Report or Restricted Appraisal Report'. If the appraisal is destined for sale to a GSE on the secondary market then, there are requirements. Requirements that may differ depending on which GSE is buying the loan. If the appraisal will be held in portfolio... or if it's not for a lending transaction then, you can use any form that the Client wants. The problem is if the requested form is not appropriate for the property type, it will require significant explanatory comments in order to avoid being misleading. Personally, I would not use a 1004 to report any sort of condo.

 

[Tom D]

wrong type on the wrong form, the state may say you were trying to deceive, or just stupid. and how much are they paying you for this. USPAP is a dull sword, until the state sharpens it to stick you. and your defense would be the lender. been around long enough, be sure you are right. lender doesn't get in trouble for wrong form, they just reorder. that's my existential advice, good for asking.

 

[JTip]

$75 isn't worth it.

 

[TripFee]

wrong type on the wrong form, the state may say you were trying to deceive, or just stupid. and how much are they paying you for this. USPAP is a dull sword, until the state sharpens it to stick you. and your defense would be the lender. been around long enough, be sure you are right. lender doesn't get in trouble for wrong form, they just reorder. that's my existential advice, good for asking.

The fee for this was $316 with a 24 hour turnaround. I completed the order on the requested form with hopefully adequate explanation and provided commentary in the addendum with condo/project information. I was told this condo was already appraised however a hybrid appraisal was ordered to address property condition, per underwriting, "Provide a Hybrid Appraisal due to rotted/damaged wood on deck not being replaced and inspector commentary provided." Why they needed a hybrid appraisal for this I do not know.

 

[TerryRohrer]

The fee for this was $316 with a 24 hour turnaround. I completed the order on the requested form with hopefully adequate explanation and provided commentary in the addendum with condo/project information. I was told this condo was already appraised however a hybrid appraisal was ordered to address property condition, per underwriting, "Provide a Hybrid Appraisal due to rotted/damaged wood on deck not being replaced and inspector commentary provided." Why they needed a hybrid appraisal for this I do not know.

They probably feel more comfortable having a second E&O policy to pursue.

 

[Fernando]

wrong type on the wrong form, the state may say you were trying to deceive, or just stupid. and how much are they paying you for this. USPAP is a dull sword, until the state sharpens it to stick you. and your defense would be the lender. been around long enough, be sure you are right. lender doesn't get in trouble for wrong form, they just reorder. that's my existential advice, good for asking.

In the past, if order has wrong form requested, I would mention which form to use.
Client/Lender relies on my eyes and knowledge to see what property is.
I say I will use this form and client would get back to me and allow me to use the form I want.
Using a 1004 for a condo would not be appropriate unless additional comments put in 1004 regarding info on HOA and many other condo stuff.
It's on the appraiser to put all relevant info into the report. Can't hide by saying lender told me to use this form.

 

[Dublin ohio]

The fee for this was $316 with a 24 hour turnaround. I completed the order on the requested form with hopefully adequate explanation and provided commentary in the addendum with condo/project information. I was told this condo was already appraised however a hybrid appraisal was ordered to address property condition, per underwriting, "Provide a Hybrid Appraisal due to rotted/damaged wood on deck not being replaced and inspector commentary provided." Why they needed a hybrid appraisal for this I do not know.

Did you use the pre printed cert or did you do a modified generic cert

 

[Tom D]

"Provide a Hybrid Appraisal due to rotted/damaged wood on deck not being replaced and inspector commentary provided." Why they needed a hybrid appraisal for this I do not know.

this is certainly a wha da question for a wood deck issue. and why couldn't the original appraiser do it, or revise the original appraisal. so you had a different value because of the rotted, not fixed deck. maybe they though the original appraiser over appraised it with that deck issue. i don't like doing this unless i got a copy of the other appraisal, to see if there was something else there. but then, i have direct clients who will indulge me. did you get a copy, to get your hybrid info from. never did one, curious as to the procedures here.