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BCE Addendum

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Christine Betbeze

Thread Starter
Freshman Member
Joined
Dec 13, 2006
Professional Status
Certified Residential Appraiser
State
Louisiana
I have just completed an appraisal for a property for one of the larger mortgage companies. Two days after the file was submitted I am now being asked to submit a BCE addendum. I hope you "guys' do not "ream" me but I have not heard of this nor can I find it in my software or on the Fannie Mae website. The subject is an older single family residence typical to surrounding dwellings. It was a bank repo property that is now being sold. The appraisal was based on "as is" condition which was poor. I told them the condition before I completed the report to warn them. All of my sales were similar in condition. I included information on the addendum discussing the condition at nausea. Can anyone give me some data on the request? Thank you so much!
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
I've never heard of it. Why not call them and have them send you a copy of one or at least a description of what the hell it is!
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
I've been in the business since 1970. Never heard of it. Must be some internal form.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Breakdown Cost Estimate?
Basic Cost Estimate?
Broken-down-house Cost Estimate?

I'll bet they want you're estimte/opinion on the cost to bring the improvements into marketable condition.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
BeCausE you didn't play along, we want an addenda.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
Below Clients Estimate, they want to know WHY !!!

Just kidding, never heard of it...
 

Amy Perkins

Senior Member
Joined
Jul 20, 2003
Professional Status
Certified Residential Appraiser
State
Tennessee
It's not in my software either, ask them to be more specific
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
..."at nausea".....I like it, is that a reaction that others might also experience when the subject property's condition is really that poor ?

You know, since no one seems to have nailed-down the BCE mystery completely here.....you might give this client a call at the start of the day tomorrow....and ask them what the he** that means !

Please come back and tell us. I bet it's some kooky REO-lender-speak term that will have a familiar meaning to all the rest of us....once we learn their code-language ! Maybe it's synonomous with the P.o.S. term we appraisers sling around here now and then.
 
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