Does a 1004D recert of value require a drive by inspection?

[Terrel L. Shields]

This is addressed with a better design of the update form as part of UAD 3

The only difference in my "updated" reports and original is I ask the client if they want a drive-by or need a new inspection provided no significant changes have occurred. I offer it on appraisals that I have previously done within 36 months. I finished one today. First off it is a rural tract with a Manf. home. I drive by, no reported changes, just 2 years older. Nothing looked different. 3 new sales, updated a few things, taxes, etc. But I cloned the site description, etc. and stated I had performed a prior service, caveated the exterior inspection, assumed nothing changed inside, and updated maps and resume. $50 discount.

Doing another one tomorrow scrambling to get ahead of this storm coming. We may lose power... not handy. The other two reports pending are mineral rights and as long as I have power, I am good to go... and I put lots of firewood on the porch yesterday, so I ain't getting cold electricity or not. My fireplace is a beast.

 

[ZZGAMAZZ]

The only difference in my "updated" reports and original is I ask the client if they want a drive-by or need a new inspection provided no significant changes have occurred. I offer it on appraisals that I have previously done within 36 months. I finished one today. First off it is a rural tract with a Manf. home. I drive by, no reported changes, just 2 years older. Nothing looked different. 3 new sales, updated a few things, taxes, etc. But I cloned the site description, etc. and stated I had performed a prior service, caveated the exterior inspection, assumed nothing changed inside, and updated maps and resume. $50 discount.

Doing another one tomorrow scrambling to get ahead of this storm coming. We may lose power... not handy. The other two reports pending are mineral rights and as long as I have power, I am good to go... and I put lots of firewood on the porch yesterday, so I ain't getting cold electricity or not. My fireplace is a beast.

Did you report the follow up using a 2055, 1004D, etc?

 

[Surf Cat]

Did you report the follow up using a 2055, 1004D, etc?

Terrel doesn’t need no stinkin forms….

 

[Terrel L. Shields]

Did you report the follow up using a 2055, 1004D, etc?

I only do narrative reports. I have templates for residential, commercial, land, and poultry farms. I have templates for an update in residential and land reports, rarely for commercial so I just modify them.

I have one property that I do annually in January. I've done that same property annually for almost 20 years.

 

[J Grant]

The only difference in my "updated" reports and original is I ask the client if they want a drive-by or need a new inspection provided no significant changes have occurred. I offer it on appraisals that I have previously done within 36 months. I finished one today. First off it is a rural tract with a Manf. home. I drive by, no reported changes, just 2 years older. Nothing looked different. 3 new sales, updated a few things, taxes, etc. But I cloned the site description, etc. and stated I had performed a prior service, caveated the exterior inspection, assumed nothing changed inside, and updated maps and resume. $50 discount.

Doing another one tomorrow scrambling to get ahead of this storm coming. We may lose power... not handy. The other two reports pending are mineral rights and as long as I have power, I am good to go... and I put lots of firewood on the porch yesterday, so I ain't getting cold electricity or not. My fireplace is a beast.

Another humble brag in the life of TS!

 

[Terrel L. Shields]

Another humble brag in the life of TS!

why use a form? My narratives are readable without the abbreviations and jargon of appraisers.

 

[ZZGAMAZZ]

To answer the question of the headline of the thread, absolutely. You wanna make sure there’s no significant changes to the subject property since the original appraisal.

But here’s the problem…..


I wouldn’t do this as I did not do the original report. They’re just looking to get another appraisal out of you on the cheap. I wouldn’t care if they sent me the original report.

My question pertains to a stand alone 1007, without a corresponding 1004, which per the borrower is the lender's need to confirm his ability to pay two loans, bc he is buying a home without selling his existing home. So following a very comprehensive phone interview with borrower, which supplements the prior, relatively recent MLS listing... I decided upon a SOW based upon an exterior only site inspection. But Question: how do I determine the necc certs, which aren't embedded in the 1007???

 

[ZZGAMAZZ]

why use a form? My narratives are readable without the abbreviations and jargon of appraisers.

Do lending appraisals destined for secondary market requirements FNMA appraisal forms?

 

[Fernando]

why use a form? My narratives are readable without the abbreviations and jargon of appraisers.

But it has at least 30 pages like the new form Abomination.

 

[Terrel L. Shields]

But it has at least 30 pages like the new form Abomination

Why? It can be the size you make it.