Drive By request for a multi family

[3 Putt]

Since there is no preprinted form for a multi-family drive by, what are you doing for this type of request?

 

[Richard Johnston]

I would find it extremely difficult to produce a credible report by performing an exterior inspction for a multi-family property. I would tell the client that this needs to be upgraded to an interior inspection as you need to obtain all of the proper information to produce a credible appraisal report.

 

[stefan olafson]

No way in heck would I even consider this request. It never ceases to amaze me the idiotic requests some lenders come up with.

Remember you are responsible for the content in the appraisal and it has to be compliant with USPAP. How can you verify condition of a multi family home from a disinterested third party?

 

[Lee Lansford]

One-size does not fit all.

OP, what's the intended use of the appraisal?

 

[residentialguy]

Remember you are responsible for the content in the appraisal and it has to be compliant with USPAP. How can you verify condition of a multi family home from a disinterested third party?

Same way as you would a single family :icon_idea:

 

[Lukasz123us]

Modify the scope. I'm sure its internal for the banks REO only.

 

[stefan olafson]

Residential Guy, How do you verify interior condition of a single family dwelling to satisfy requirements of USPAP? Homeowner can't, most assessors don't get into homes, sometimes you find a REALTOR with some knowledge but do you trust that?

I just think exterior only, unless scope is extremely well defined is asking for trouble with your licensing board.

 

[residentialguy]

True. I don't do a 2055 unless there is a very recent MLS listing with photos.

My point was that a 2-4 unit home is no different than a 1 unit home. Doing a duplex is similar to doing 2 single family homes

 

[Don Clark]

Residential Guy, How do you verify interior condition of a single family dwelling to satisfy requirements of USPAP? Homeowner can't, most assessors don't get into homes, sometimes you find a REALTOR with some knowledge but do you trust that?

I just think exterior only, unless scope is extremely well defined is asking for trouble with your licensing board.

That may be true but an exterior only for any property type, with a well defined scope of work can be just as USPAP compliant as one with an exterior inspection. That is why the Scope of Work was changed to a Rule a few years ago, to make it clear that any appraisal should be based on a scope of work as agreed to by the appraiser and the client.

As to the form, that is not easy to answer. I would use the old version of the 1025 with lot's of narrative comments.

 

[residentialguy]

What Don said. ^