Condo Exterior Appraisal

[Fernando]

I haven't done an exterior appraisal for condo until now.
I think there's only one Form 2055 to do exteriors, right?
On the first page, I want to put Condo Fee but it has only PUD checkbox. Is it ok to check PUD box for my condo subject?

 

[DWiley]

I think there's only one Form 2055 to do exteriors, right?

Form 1075/466 is specifically designed for reporting the results of an exterior-only appraisal for a condo.

 

[sputnam]

Good old Fernando... the self proclaimed greatest appraiser... who doesn't know there there is a form for reporting an exterior only condo appraisal.

 

[ramrcdk]

I haven't done an exterior appraisal for condo until now.
I think there's only one Form 2055 to do exteriors, right?
On the first page, I want to put Condo Fee but it has only PUD checkbox. Is it ok to check PUD box for my condo subject?

No Fern, there's a Form for that.
FORM 1075 (Fannie Mae) : very attention to detail is required if you haven't completed, as yet.
Also: you will need extremely recent interior photos to confirm the UAD C-ratings, conditions, Updates via the borrower.
Hence: These tend to require as much OR more time than the Traditional Form.

 

[Fernando]

Thanks. I didn't know Form 1075 exists for condos.
I asked lender to contact borrower for interior info but lender said no need. Lender standard very low.

 

[ramrcdk]

Thanks. I didn't know Form 1075 exists for condos.
I asked lender to contact borrower for interior info but lender said no need. Lender standard very low.

DOES depend on "INTENDED USE" &&& the Form Requested...if it's for Fannie, etc.

Otherwise: YEP ...they don't care...as long as you sign.
Had a Rather Bitchy Rep 'TELL ME" to use an appraisal dated 12 years prior/old. I ask if she was Requesting a RETRO' Appraisal.
Turns OUT: nothing had been changed in-or-out since 2004.

READ the Instructions via Fannie Mae for Exterior-Type Assignments, specifically "conditions".

 

[Fernando]

I figure loan must be low LTV and lender doesn't care.
So I assume same condition as say 10 years ago.
I have email as proof that lender indicated I don't need to call borrower for further inquiries.

Yesterday I went to subject and took photos of front, street, and even stuck my camera behind fence to take rear view.
My conspicuous photo taking might have had the owner come out and I would be welcoming to talk to the owner.
When I went back to my car, I realized the house wasn't my subject but a comp. Ugh!
I'm ashame and I looked like a criminal doing what I did. Fernando made a mistake which could have gotten him in jail.

 

[Dublin ohio]

I have email as proof that lender indicated I don't need to call borrower for further inquiries.

That was only an option when the Covid exception was in force. You still have to have sufficient 3rd part sources for you subject. Like a recent listing. Just like you do for a 2055. Don't think 10 year old listing falls into that category

 

[ramrcdk]

I figure loan must be low LTV and lender doesn't care.
So I assume same condition as say 10 years ago.
I have email as proof that lender indicated I don't need to call borrower for further When I went back to my car, ——-> I realized the house wasn't my subject but a comp. Ugh!
I'm ashame and I looked like a criminal doing what I did. Fernando made a mistake which could have gotten him in jail.

“” Was Not the Subject”” You you you are hilarious! So the lender “ has instructed you to “do not contact the borrower “. So, as said, perhaps a pre- foreclosure of sorts. Again: If it’s an As-Is on the Day of Inspection not sure you can just “ assume an aged not known condition”. That’s an Exception out of the direct instructions from Fannie.

 

[Fernando]

I'm working on the 1075 Form and it asks almost same info as Form 1073.
Also maybe it's my software but 1075 doesn't seem to be UAD compliant (no popups from software).
I thought condo exterior be easier. I had to think and visualize really really hard to see where subject is located when looking at that huge condo complex. I think I took right photo of subject.
I should have charged more. It's harder and need more assumptions than 1073.