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drive-by on old 1004

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Susie Seibert

Thread Starter
Junior Member
Joined
Mar 22, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
I've been asked to do a retrospective appraisal for 2005 on an old 1004 as a drive-by. They've furnished the sketch page and page 1 of an old appraisal.
The loan purpose is stated as "Retrospective Value".

Think there's any problem with using the old 1004 when only doing a drive-by?

Thanks.
 

Pbucc2003

Freshman Member
Joined
Mar 3, 2008
Professional Status
Certified Residential Appraiser
State
New York
You can do an appraisal on a piece of cardboard, as long as the lender accepts it. Just remember, it has to comply with USPAP.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Have you ever tried stuffing a piece of cardboard into your computer so that you could email it? It's not easy.
 

Ms. Janet

Elite Member
Gold Supporting Member
Joined
Oct 27, 2004
Professional Status
Certified Residential Appraiser
State
Florida
I know how to do it. Call me and I'll walk you thru it. Now a napkin, that's HARD!!!!



:rof::rof::rof::rof:
 

Dutchman

Member
Joined
Jul 11, 2007
Professional Status
Certified Residential Appraiser
State
Washington
That's easy, A napkin goes in the floppy drive, cardboard in the hard drive
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
What will you se for the Certification and Limiting Conditions pages?

The old pages (1004B 06/1993) would indicate an interior inspection.

If you will not perform an interior inspection don't mislead that you have. If they want a drive-by......then give them a drive-by on the drive-by form.

Since there is a specific form commonly used for drive-bys it would seem to be misleading to use a URAR which indicates you have inspected the interior when you have not done so.
 

Pbucc2003

Freshman Member
Joined
Mar 3, 2008
Professional Status
Certified Residential Appraiser
State
New York
Thats why it has to comply with USPAP... You need to change the limiting conditions etc... To make it a drive by. I have done drive by's on old multi-family forms for REO appraisals. Its a pain in the butt but it can be done.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
What I've done before was use the guts of the URAR (first 2 pages) and use my own scope of work, certification, and limiting conditions.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
OK, why not ask them to let you pick how you report it!

If they say no, then ask why they want the old 1004. Rember, you are not a child, you are not an employee to kick around.

Professional courtesy is a two way street.
 

Susie Seibert

Thread Starter
Junior Member
Joined
Mar 22, 2005
Professional Status
Certified Residential Appraiser
State
Michigan
thanks you guys!
 
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