Condo drive-by?

[Truett Neathery]

I have a credit union client that has a borrower in default on their second TD- I will not have access to the home. What would be the proper form? I have the AI form, I do not want to do it on an EXCEL spreadsheet.

Thanks

TN

 

[Offshore]

If the client permits it I use the old Fannie or old Freddie 2055 for pre-foreclosures since the preprinted language permits an EA. Since it’s a credit union, they may be flexible on which form. Some lenders insist on the March 2005 2055 for exterior condo assignments. Taking the poison out of cert 10 on the new forms for exteriors can be difficult.

 

[Lee Lansford]

If the client permits it I use the old Fannie or old Freddie 2055...

When I do use that form, I do eliminate "appraiser's certifications" #8 and #9.

 

[Offshore]

When I do use that form, I do eliminate "appraiser's certifications" #8 and #9.

I’m curious, is it not sufficient to add sufficient clarifications which state they supersede any conflicting pre-printed verbiage? This is probably another one of those areas where it won’t matter unless you’re in a courtroom and someone wants point out the conflicting language as a way of questioning the accuracy of the report. It’s sad that it’s become a misdemeanor to invoke departure.

 

[Lee Lansford]

I’m curious, is it not sufficient to add sufficient clarifications which state they supersede any conflicting pre-printed verbiage? This is probably another one of those areas where it won’t matter unless you’re in a courtroom and someone wants point out the conflicting language as a way of questioning the accuracy of the report. It’s sad that it’s become a misdemeanor to invoke departure.

To answer your question: Maybe.

I prefer not to have my signature attached to a certification that I later--elsewhere in the report--indicate as something that I did not really certify to.

We remove the language in #8 and #9 and insert (following each #) "Not applicable to this
appraisal"

 

[Mike Kennedy]

Scope of Work issue - ask the client if the Generic format is sufficent/acceptable for their needs.