Do's and Don'ts FNMA REO's

[Workbox]

OK you FNMA REO folks, what are the do's and don'ts for FNMA REO? What are your experiences and recommendations? Any great links or additional recommended work forms once out in the field?

 

[Jo Ann Meyer Stratton]

Once you are accepted to their panel, take one of their seminars ASAP. They have very specific guidelines regarding how the form is to be filled out and what forms they want filled out. For example the REO addendum is to be included in every package--even if there are zero repairs and 0 should be used instead of Not Applicable. The REO addendum is also required when a drive by is complete, the 1004 or 1004C is used for a driveby. They also do not want the listings on the REO addendum, the listings are to be #4, #5 and #6. The reports have to be AI Ready and sent through AppraisalPort. They want to know what it would take for the property to be safe, sound and sanitary for the "as is" repaired value. They typically have a large seminar with appraisers from all over the country attending in Dallas at least once a year. They just presented one in Phoenix this past Monday. All REOs all over the country are handled by the Dallas office.

 

[Workbox]

Can you have more than one comparable? and the listings as 7,8,9?