Drive By request for a multi family

[3 Putt]

Lender does not want to tip off the occupants or the owners of any potential foreclosure action that may be ahead. No way any type of interior is possible.

 

[Webbed Feet]

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.

Kindly direct me to the "Standard" that requires an interior inspection for an appraisal report to be "Credible" that lacks any relation to any SOW whatsoever as part of that standard.

Thanks!

 

[Webbed Feet]

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?

Kindly point out in the original post where it says a lender is involved?

Please point out the line number in the USPAP that requires disinterested third parties to be involved with diddily, other than the appraiser to be "disinterested" as in unbiased.

Thanks!

 

[Webbed Feet]

We have a winner!

One-size does not fit all.

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

Brother Lansford,

I thank you for your post! It is appreciated and admired.

 

[Webbed Feet]

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

Just in case you are suggesting to "modify" the scope by using a Fannie form that has preprinted language in it that prohibits the scope from being modified other than otherwise allowed by that preprinted language...... I would have to ask in that case, what does internal use by a bank have to do with facing possible state board complaints?

How about we suggest creating a SOW, appropriate for the assignment using a reporting format that keeps appraisers out of trouble with their state boards, instead?

:new_llying:

 

[Webbed Feet]

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.

Hear! Hear!

 

[sputnam]

Make up your own mind about whether or not to do a drive by on a 2-4 family property. Some clients, especially, non lender clients require them.

As for form, use the 2-4 family form and add sufficient comments to be clear that it's an exterior only inspection.

 

[sandpiperapp]

The current multi family form has to many certifications that have to be contradicted or corrected. This can lead to a confusing and possibly misleading report in my opinion.

I agree that the previous version of the multi family, or one of the general purpose forms can be a better choice if the client agrees.

 

[Lee Lansford]

Lender does not want to tip off the occupants or the owners of any potential foreclosure action that may be ahead. No way any type of interior is possible.

The lender has a prior appraisal. Get it.

 

[Lee Lansford]

Brother Lansford,

I thank you for your post! It is appreciated and admired.

Brother Duck (may I call you "Duck"? ), thank you for your kind words.