Did any one else get this Fannie notice?

[DWiley]

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.

I sent an email asking about the required scope of work (as is value, as repaired value, listing required, etc.) and got no response.

 

[Tim Hicks (Texas)]

How many of you have been around long enough to have experience with REO properties?

Exterior Only: 2-4 Units - $350

All others - $250

I don't think E&O would allow an Exterior Only REO appraisal! On REO's what you see on the outside may be just like looking at the top of an iceberg, what's underneath or inside will truly shock you and alter your opinion of value greatly.....

Doing Exterior Only REO appraisals is like asking the state to take your license away. For an exterior only where do you find verifiable information on the interior of the home? Don't you have to verify the info somewhere? Who's going to tell you, the owner who has left and maybe gone without a forwarding address? The neighbor glad to be rid of them, but having never stepped foot in the property? The mailman who glanced in the front door once????

Just think about it?

Stefan,

These are assignments FOR Fannie Mae. They have to value the asset based on exterior data until you can get interior access. You WILL EVENTUALLY get interior access and they know the value can change dramatically, but at least they have a number to work with until they do get interior access.

You guys have to remember that these assignments are not mortgage lending assignments. They are asset valuation assignments with a different scope of work.

 

[AppServSol]

I do or have done this directly for Fannie Mae out of Dallas, in my state of Mississippi. Fannie Mae is one of my worst clients. First, they want you to use the REO addendum but they don't want the listings on the REO form they want them as comps 4-6 and adjusted. Isn't the REO addendum a Fannie Mae form? Yet they don't use it, or not use it correctly. They require you to inspect the property as soon as you get the order, even though you know the property will not be accessible. And when you go back in a month or sometimes two or three, to do an interior, you only get $100 more. As stated above this is going to be a whole new appraisal, since the property is typically trashed and damaged. Your original exterior is loaded with disclaimers about "no interior information" and assumptions as to the subject. And if the property does not sale in 4-6 months you have to go back and do it again. You guessed it for another $100. I have inspected one house four times for fees that were less than $700 total. And the people you have to deal with at Fannie Mae are not knowledgeable or helpful. Most of the time you can't get them with one call. You have to leave a message and wait. I have gone to just emailing them what I am going to do and put them on the back burner. The only good thing about them is that they have never dropped me even though I do put them on the back burner, sometimes for quite awhile. Anyway be careful what you wish for!!!

 

[spittman]

I received a similar email, but it seems very peculiar to me since the email points to a third party website other than Appraisalport or FNMA. I've done work for them and have always dealt directly with FNMA so I would contact someone there even though it says not to just to confirm that this email is legit.

 

[tjcou812]

I received it today. It was from e-appraiserdirectory.com. It says if interested to go to the web site and download the forms complete them and forward them to Fannie Mae. As far as exterior only inspections I also put a statement in the report that I did not inspect the interior of the property and make no assumptions as to the GLA, room count, # of bathrooms, basement finish/unfinished etc. and the condition of the interior. The information in the report was obtained either by public records/MLS or both.