- Dec 6, 2005
- Professional Status
- Certified Residential Appraiser
Lender is requesting a Cost approach on a 2055 ext. inpsection. (We all know what the purpose is). I cannot see how this is possible if quality of interior features cannot be determined. He says if it wasnt possible, why is the approach on the form? I have seen where clients have ordered a 2055 with sketch and interior photos, trying to save money when the form says Exterior Inspection. #4 of Limiting Conditions states that value is based on Sales comparison method although Cost and Income was considered but not used unless otherwise stated. What are your feelings on this matter? When would the Cost approach method be used on a Drive By?