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Difference in Freddie/Fannie 2055 Photo Page

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Steve Owen

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
I have noticed, in my software package (Toolbox), that the Fannie 2055 has a photo page option for front photo only, but the Freddie 2055 has a photo page with blanks for front, rear and street.

Now, the first page of the Freddie form has a check box for "Interior inspection" or "Exterior inspection from the street."

I always assumed that a drive-by was just that, but the photo form in the software seems to imply otherwise.

Does anyone out there take rear and street photos for a Freddie exterior only?
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Steve,

Are you using version 9.86 of Toolbox?? Mine has front, rear and street photos for both FNMA and FHLMC 2055's.

I always take rear photos because I have to measure the home anyway to get the s/f (our public records stink out here) and to check the entire exterior of the dwelling for deficiencies.

Ben
 

Steve Owen

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
No, I think I have a copy of 9.86, but I never bothered to load it. Guess I should, huh.

I've been doing these things for years with just a front photo. Thought that was part of the limited scope of work thing. I won't take one of these assignments unless there is enough info. Otherwise, I make them upgrade to a complete appraisal.

Also, in my territory it's often impossible to get a rear shot of the house without being attacked by dogs, pigs, or bulls. Guess I'll just turn in the photo page with blanks in those instances.
 

BenLuby

Senior Member
Joined
May 28, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Drive-by exterior only or not, no matter how good local records are, all it takes is one to completely ruin you.
One of the guys I know who appraises got a drive-by, exterior only. He always takes rear photo's, and good thing.
This so called site built actually started life as a trailer. (Pre-1976, so yes, it is a trailer :lol: ). The owner of the trailer had simply built on to the street side of the unit. From the street, it looked a lot like a normal frame house.
If he had just went off the information in public records, he would have been in deep trouble. I trust no one but my mentor on information. I basically treat everyone else, no insult to any who appraise in my area, as legally stupid.
The reason is simple. If I am signing this report, I want it to be right. And, the only way to insure that is to get my own numbers.
Cover your tail. All it takes is one to get you fried, and I'd rather be safe than sorry.
 

Steve Owen

Thread Starter
Elite Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Missouri
Good advice. Still, if there are dogs in the back they are getting it blank.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Actually it depends on client's request. I have one client that only wants a front photo and the 2055, which they get in addition to my USPAP Compliance addendum and my addendum explaining everying. Other clients want both front and street photos, copy of the assessor's map and location map. Next clients wants all of the above plus phtots of the comparables. Some want all the the previously mentioned items, three solds and three listings with all the applicable exhibits. Some also want a rear photo taken from a public alley. And I am talking about 2055 exterior view orders only. So just an order for a "2055" doesn't describe the "scope of work"! An interior view 2055 order gets all the items listed plus a sketch of all improvements on the site with room locations olny, no interior wall sketch.

And all 2055, whether exterior only or interior requires the same amount of market research, data, analysis, etc as a 1004! A 2055 departs by not having the cost and income approaches only. All aspects of the market approach apply.
 
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