Draw Inspection

[Lanny A Freng]

Got a request for a draw inspection. Lady said I could put it on a 442 form but I cant find that old form in the Wintotal software. When I search for it it just comes back with the new 1004D. Anyone on know how it is labeled in there or if it is even available still?

 

[Mr Rex]

Got a request for a draw inspection. Lady said I could put it on a 442 form but I cant find that old form in the Wintotal software. When I search for it it just comes back with the new 1004D. Anyone on know how it is labeled in there or if it is even available still?

Look at the other corner of the 1004D, it says 442. 1004D is Fannie's number, 442 is Freddie's. Either number you use, this form is not appropriate for a draw inspection. Check you software package, there are several in most, or ask them to provide theirs. I wouldn't use the 1004D/442 for this purpose with bamboo shoots under my fingernails and a gun to my head, and I'm in to pain and adventure.

 

[Lanny A Freng]

thanks for the info

 

[Mountain Man]

Ummm, a 442 for a Draw Inspection???
A draw inspection is to give the builder $$$$ based on the % of construction completed. Every bank has their own form, and I don't see how a 442 would help the client in disbursing $$$ on a construction loan.

 

[Mr Rex]

Might want to read over this bulletin from LIA, E&O providers for appraisers advice on draws:

http://www.liability.com/claim_detail.asp?ClaimID=95

 

[Ray Miller]

Did you do the original appraisal?

Do you know what the quality of material was to be used?

Do you know the type and quality of appliances, heating and cooling units and the lay out of such?

Do you have a copy of the plans and specs?

If not how you going to do a draw inspection and know what you are inspecting?

 

[George W Dodd]

Lenny,

Construction draws can turn into a big problem down the road. Several suggestions I'd offer is to take a lot of pictures of the inside and exterior of the property. Also, check around and see if there have been any building inspections done and take notes of any "stop work" orders. And make sure to write it down and include it in the inspection.
And be wary of using a 442, typically draws are not on inspection draw forms provided by the lender. These usually provide an percentage allowance for each category.

 

[Jim Buckner]

We stopped doing construction draw inspections some time ago. Way too much liability for a crummy $100 per trip fee. The lender and borrower will not pay a fee commenserate with the risk assumed by the appraiser so why climb out there on that skinny limb.