Draw inspection?

[davetheappraizer]

I suppose that I could wait until Monday to try to get the AMC to find out how the lender wants me to report this, but I just went out to a property that I appraised last month to see what work had been done as a "draw inspection."
I've done many "completion" and "compliance" inspections, but this isn't complete nor is it FHA/HUD. So, my question is, how do I report the information? Is there a specific form that I'm just not aware of, or am I just going to have to wait to find out how the lender wants me to submit the information to them?
You'd think after 12 years that I'd have done this before, but nope.
Thanks!

 

[robert higgins]

Yeah call the lender, they will provide you with a detailed list of items to check off as completed, you can have 3 to 8 draw inspections depending on the lender.

BTW how could you go out and do an inspection when you do not know what your inspecting for the draw.

 

[Deleted member 77547]

When I get these the client provides me with the builder's sworn statement that shows what items have been completed since the last visit. One client has their own draw form, but usually I do a narrative stating that the items delineated in the sworn statement dated XX/XX/2008 are complete (nor not complete.)

This link may help you as well.

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

 

[davetheappraizer]

I was the original appraiser, so I know what needs to be fixed. I never wrote that I didn't know what I was supposed to be inspecting, only that I didn't know how to report back to the lender to inform them of the progress that has been made.
Thanks!

 

[Vivian Bachner]

You may want to make a list of the components that make up the dwelling and assign a percentage of "the whole" to each (total must be 100%). Then, when you inspect the dwelling, decide what percentage each individual component is complete. (A little confusing but my mentor in NJ, an MAI, showed me this method years ago)

 

[Mike Garrett RAA]

Back in the days I did those, the service always sent me the forms to use. With today's fuel costs I wouldn't even consider doing them.

 

[Ray Miller]

Draw Inspection in the rural area I cover. First I establish with the lender the mileage and truck cost. Minimum for this is right at $100, and then there is my labor cost and cost to produce the report, my drive time. Cost is right at average $125. Total will average across the board around $200. Some can go as high as $300 to $400 per draw depending on the subject property. If they have new outbuildings that were included in the original then there is additional charges.

If I was the original pre-construction appraiser and I am doing the draws. They are required to furnish me a list of what the draw is for. Period. No list no Inspection. If I am not the original appraiser, I want a copy of the original appraisal, a copy of the original materials list, so I can match quality to the original appraisal and what is now being used.

Then I proceed to the property and start the inspection. I take lots of pictures of what has been completed starting with the foundation and /or basement and work my way up. Including well and sewage system, heating/cooling, electrical, duct work, the whole thing. I try to get pictures of every room, every window, and every door.

I also take picture of any and all material that is stack and standing in, on, around the property that has not been installed. Then I bundle all this in a nartive report and send it off to the lender.

I have had several in the past couple of years that the material going in was not what was not in the original materials list, plans had been changed as to Heating and Cooling, Driveways changed from concrete to gravel, appliance were of lower quality, ceiling fans missing, flooring changed from quality to lesser quality. With this said I have in the last few months seen better quality materials because the cost has dropped and people have the money to up grade.

I remember one that was to have a natural stone fireplace cost $35,000, they ended us using made manufacture stone and the cost was cut in less the half.

There can be a lot to a draw inspection. They should not be taken lightly and something simple to do. Just a look see and a picture or two in many case will not get you by.

So if you want to do them for $50 bucks a pop so be it.

Just my thinking.

 

[RSW]

I use this form. I took it from a lender I used to work for. They are no longer in business. I also have it in Microsoft Word format too. I use a digital signature for the signatures at the bottom. It gives a really good breakdown of the building process and the completion analysis.