Drive By W/out Any Property Information?

[Matt Anzaldo]

I am currently working on a drive by for next week and need find some comparable properties.

I pulled up the subject on four different sources, metro scan, ndc, MLS and assessors website.

It's a Res, Mobilehome, Ms Zone, .09 lot acres and 3,920 lot sq ft. That's all I have to go on. I can't find Sq Ft., BR, BA or YR.....? How can I or can I pull comps?

I am going to call the home owner and ask for the information, but remember this is a drive-by 2055 appraisal, can I use there information on the report or must I have a look inside.

Anyone with experience with mobile homes or any similar case w/drive bys please post me a message.

Thanks in advice for the help.

-Matt

I will respond to all posts.

 

[Tim Hicks (Texas)]

Matt,

That does not sound like a candidate for a drive by appraisal. If this is a fannie mae or freddie loan they will need a full appraisal with 1004C. If not, you may need to tell the client there is not sufficient data to do a drive by, exterior only appraisal. I would not attempt to do the appraisal with such little data and I tend to take home owners comments with a grain of salt. Call your client and explain the situation. They will probably upgrade the assignment to a full 1004 appraisal. If not, I would decline the assignment.

 

[George Hatch]

The appraiser always has the responsibility to obtain sufficient information about the subject and the comparable data to develop their opinion of value. If you can do it off of public records and that data source is considered sufficiently reliable to base an opinion of value on then a "drive-by" might work out okay. Really, even a no-inspection SOW could work out okay in that situation if that was sufficient for the use and users.

If your data sources are incomplete or notoriously unreliable, then you need to bump your research up until you can gather the requisite level of information, believed to be sufficiently reliable, for your assignment. Some people would say that relying on the say-so of a homeowner or a broker is sufficient and some would say it isn't. You might have to physically measure the structure from the exterior (still an exterior-only inspection), you might have to bump up your scope of work to include a walk-through. You might have to see the tags. It all comes down to doing whatever it takes to gathering the requisite information, or else withdrawing from the assignment because of the lack of that information.

Clients can order a minimum for their assignments, but the appraiser always has the option to step it up a notch if they think that's what it takes. Just don't expect to be paid for the extra work. Some things we do for other people and some things we do for ourselves.

 

[Robert Anderson]

The following is what Fannie has to say on drive-by appraisals:

The appraiser must be able to obtain adequate information about the physical characteristics (including, but not limited to, condition, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public and/or private sources to perform this appraisal. The appraiser should use the same type of data sources that he or she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections, appraisal files, information provided by the property owner, etc.

http://www.efanniemae.com/sf/formsdocs/forms/2055.jsp

As far as the property owner as a source of information, the cert in the new 2055 form states:

I verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in
the sale or financing of the subject property.

You need to upgrade the assignment to an interior inspection or decline the assignment...IMO.

Bob Anderson

 

[Tim The Enchanter]

You need to upgrade the assignment to an interior inspection or decline the assignment...IMO.

Yeah. Otherwise you just don't have enough information.

 

[Otis Key]

If it's

It's a Res, Mobilehome,

then it doesn't matter because they're not going to be able to loan on this pre-1976 Mobilehome anyway.

Might I suggest that you DUCK & COVER before Jo Ann gets here!

 

[Randy Beigh]

I am going to call the home owner and ask for the information

I would never do this, as there are several reasons for ordering driveby's and one of them deals with pre-foreclosure. If a driveby was requested, then driveby was wanted. Now, if you need to upgrade, talk to your client, not the homeowner.

If they persist with wanting a driveby, ask them for a previous appraisal or to, otherwise, provide you with enough information to do the driveby.

Ssems to me, that if a client orders a driveby and the appraiser calls the homeowner, that he has breached his confidentiality with his client.

 

[Ross (CO)]

The fastest and surest way for you to attain the assistance you seek......would be to reveal some information about WHERE you are located in the country. By at least mentioning the county of a certain state you'll be more likely to catch the attention of another Forumite who works in your market, and is reading your posting.....and they'll have the better shot at possibly helping you out.

A drive-by, on a mobile home, without the benefit of direct eye contact of the interior, and without knowing its size, rooms, or age.......wow !

What is the reason someone wants your opinion of value ? Is this mobile securely affixed to the earth ? Does the owner of this piece of personal property also own the land on which the mobile is placed ? Would it be feasible that a large pick-up truck could grab-a-hold of this mobile, at say 2:00am of an early Sunday morning, and basically drive away with it ? If the owner DOES also own that .09 acres THAT is likely to be the highest value you can pin down. Be prepared to render a LAND appraisal as back-up.

Despite receiving an owner phone # on my drive-by orders I NEVER call that owner. Your client is taking a bold stand to LIMIT your access to direct and hands-on information about this "place". Be sure that you remind the client of the magnitude of the LACK of information you confront, and they'll likely suggest that you see the interior by THEIR confirmation of that occurring for you.....or this one might be best to let whither-on-the-vine.

Don't ya wish in moments like this one could just state an opinion of value, receive a fee for that.......and NOT have to put their signature on anything ?

 

[Matt Anzaldo]

Thanks for all the great insights. Here are a few more details about my situation that may help someone give be their opinion.

The property is in Bakersfield, Kern County Area of California.

The home owner is changing titles to her daughter and needs a drive-by appraisal to complete the transfer of title. THERE IS NO LOAN or SALE.

The home owner is very old and the daughter is the one that hired me to do the drive-by appraisal.

Here are my options so far:

1) Upgrade to a interior inspection.
2) Call the home owner/daughter and ask about information about the property.
3) Do #2 and measure the outside and do a walk through of the property.

I have never done a mobilehome before and a poster brought to my attention something important. Are mobilehomes fixtures or can they be taken at 2:00am by a pickup truck. Does this appraisal need to a land value or not?

Some comps I pulled next door to the property. It's a mobilehome neighborhood, are listed in the varies sources as having sq ft., br. ba and yr built. Unfortunately the property I am doing a "drive by" on does not have any other information to go on except, lot acres 0.9 and lot sq ft. 3,920. It's listed as a res, mobilehome, ms zone.

Let me know what you think and thanks again for the help.

-Matt

 

[Ross (CO)]

If you'd said that the h/o was your client, then all of us would have said.....CALL and ASK for specs, or surely state that a drive-by.....is absolutely useless ! Get the daughter to meet you there and you'll not have to bother the father.

Sounds for-sure like your providing a personal property opinion of value. Does the owner pay some monthly rent for the use of that .09 acres ? It's perhaps no different than if you were advising someone of what he "might get" if he were to put an ad in the paper to sell a 1975 Chevy pick-up truck. You'd want your "comps" to be other mid-70's (pre-'76 !) pick-up trucks selling freely between a willing seller and a knowedgable buyer, for cash. Since "location" is such a critical attribute I'd research all sales in that same MbHm Park whereby the new owner then stayed there in the same park. You might be best to grab the Yellow Pages and find some local auction houses and ask them for some recent data, if they'll share, or go to some used mobile home dealers for the same. Click on the menu bar link at top of your screen for AppraiserUSA.com and check Kern County in CA. You might find another from your town there ! Maybe they know the "mobile" market, maybe not. I can not qualify your remarks about local zoning there. Ask the daughter EVERY possible question that you could think of. (I have never appraised a "mobile" here in my market.)

Yes.....That's why they call them "mobile"........hook-up, and away ya go ! Who again, owns the .09 acres ? If the father is NOT also the owner of the .09 acres.....then what does that tell you about the "property" they want you to value ?

Now, an even better question for you to consider. What "form" are you going to use to convey your report ? Is your S.o.W. write-up clearer now as you consider taking this assignment ? I did not want to be the one to say, directly, but....any mentor who got you started in this business might surely be your best partner for other detailed advice on this report. Good luck.