Did any one else get this Fannie notice?

[stefan olafson]

Bama,

How does your board rationalize the compliance with USPAP when all you are doing is verifying that the property is still standing and you can describe the exterior. You have no grounds for any type of description of the interior at all?

Just doesn't make any sense????

 

[Ray Miller]

I would not do an exterior only REO. That would be like pi ss ing on an electric fence that is on.

 

[stefan olafson]

RAY,

You are so eloquent! I was trying to say just that, but didn't know how!


Back when I was 5 or 6 the hired hand on our farm convinced me to do just that, I think that's why I'm so screwed up now!

 

[Ray Miller]

RAY,

You are so eloquent! I was trying to say just that, but didn't know how!


Back when I was 5 or 6 the hired hand on our farm convinced me to do just that, I think that's why I'm so screwed up now!

Had a young dude that wanted to by a wrangler one day helping us put in some electric fence. After we were all done he ask how we knew it was on. I sent him up to plug it and check to see if the light was blinking. He did and came back and said the light is blinking. Ask how we know for sure if it was working. I told him he had to pee on it to be sure. He did and never came back to work with us again. I still laugh today about that poor _______ rolling on the ground yelping like a poor dog that touch the fence with his tail.

 

[stefan olafson]

I'm not sure why but I also stuck my tongue to a flagpole back in 1962 or 1963 in front of our school. When I get back there I can kneel down and still see the imprint on it this many years later.

Don't remember the entire feeling of peeing on the fence, but I do remember I'll never do that again.


Had a college buddy from Newark NJ who never hunted in his life. During college he asked to go along on a rough grouse hunt. I gave him a 12 gauge and told him to hold it about an inch or two from his shoulder when he shot it. Took one shot, got the ice for his eye and sat in the car the rest of the day. We almost had to quit hunting we were laughing so hard.....

 

[Bama Bayou]

Bama,

How does your board rationalize the compliance with USPAP when all you are doing is verifying that the property is still standing and you can describe the exterior. You have no grounds for any type of description of the interior at all?

Just doesn't make any sense????

I was just saying that they outlawed drivebys (they allow them now) unless it was an REO or some other reason that it was not possible or potentially dangerous to inspect the interior. Personally I liked the policy because it gave me a good excuse not to do them.

The way REO appraisals usually work is you do the driveby before the owners have been evicted. Many assumptions are made about the interior, especially regarding condition. When the owners have been evicted you follow up with a full appraisal with interior inspection. The value may differ substantially between the driveby and follow up appraisal.

USPAP unfortunately allows comp checks, which I won't do. At least with a driveby you have seen the exterior.

 

[stefan olafson]

Correct, comp checks when done properly are okayed by the USPAP Gods, Drive Bys make less sense to me than comp checks, I don't do either of them.

 

[Bama Bayou]

I'll only do a drive by for REO properties or other instances where it is not possible or it is dangerous to get inside.

I once did a drive by on an active crack house-had a drive thru window. I had done the an appraisal on it about a year before so I know about bedrooms, baths, etc. I assumed it was in poor condition and when I was able to get inside after the sheriff threw them out I was correct about the condition.

It's really just a scope of work issue, but I'm not a fan of them. But nothing wrong with letting the lender have a ball park idea with a drive by on a foreclosure. They know that they will not get a very accurate appraisal without an interior inspection.

 

[DWiley]

How does your board rationalize the compliance with USPAP when all you are doing is verifying that the property is still standing and you can describe the exterior. You have no grounds for any type of description of the interior at all?

As noted on the Fannie Mae form, one should use the same sources for the subject that one uses for the comps. After all, you need the same kind of info on the comps in order to make adjustments.

I am working in a "drive-by" for a pre-foreclsoure right now. The owner is not cooperating, and interior access just isn't possible. I have an MLS listing from 3 months ago with interior pictures. That will be my source of condition information. That will be disclosed in my report, along with a statement that an interior inspection could result in a different value conclusion.

If one truly doesn't know the condition, well that's what extraordinary assumptions are for. Using the old Fannie form instead of the new one avoids any problems with the pre-printed restriction on adding assumptions.

 

[Ron D. in NWA]

Did anyone else get this email notice. Seem rates for my rural area is a little low, by about 1/2. Dallas was paying me full fee in the past.

Hi,

The Fannie Mae Valuation Department is trying to recruit new appraisers that would like to do REO (foreclosure) work. Fannie Mae is interested in appraisers who also are already set up with Appraisal Port and are willing to use AI ready software. Fannie Mae started using Appraisal Port as of April 14, 2008 and requiring reports being submitted AI ready starting June 1, 2008.



Fees:



Exterior Only: 2-4 Units - $350

All others - $250



All Follow Up Inspections: $200



Complete Interior Inspection

(First Visit and 6 months after previous inspection)

2-4 Units - $475

All others - $350



Vacant Land: $200



If you are interested in becoming a vendor for Fannie Mae, please email me for any additional information as well as for the appropriate forms that need to be completed for registration.

Kim Shelton


xxxxxx@ccccccc.ooo

What I am wondering is if the sender is with Fannie Mae? In the email I got is said (contractor) next to the name of the sender. I asked some questions concerning the AI Ready and really didn't get a straight answer. They replied I had to be AI Ready by 6/1/2008,, duh,, last time I looked today was the 11th and not to call and ask if you were approved, only questions about signing up. So I guess they expect everyone who is not set up for AI now to sign up, pay the additional fees if there are some,, in "HOPES" that they will accept you. Sorry, just sounds like another scam to me. Let me sign up, approve me, notify me and send me an order and then I will pay to be AI Ready. Otherwise is just sounds like any other sign and pay to be on their list offer.