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Duplex refi question

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Freshman Member
Jan 15, 2002
My question is as follows: This is a refi on (2) duplex's sitting side be side. The market area consist of very few rental properties, actually only two duplexes have sold within the last 12 months, the LO stated to me that I can go to the next county for comps(which is my home county). What I need to know since the subject is actually (2) duplexes can I comp the subject with a quad-plex or should I use single duplexes. I know in my market area there are no duplexes that have sold in the situation which there are two side by side, but I have 4 quad-plexes and one 5 plex. What should an appraiser due in this situation. I know that the order will be a 2055 with interior, going to the secondary market.

Don Clark

Elite Member
Jan 17, 2002
Professional Status
Certified Residential Appraiser


IMHO I would use what is available. Unlike a single family detached, a duplex, 3plex, or 4plex is appraised based on units and their rental potential. I know lenders like the 2055 but it is really insufficient for a duplex. I would not use anything above a 4plex unless you are certified general. That type of property is considered commercial. I use what I have when doing a 2,3 or 4 unit property. I have never had a lender who argued that I should have used a duplex for a duplex,etc. I like the 1025 form since it was designed for this type of property. I know of no prohibition however, from using something else. Until about a year ago all VA 2-4 familes was done on a 1004. Now, and still, all FHA 2-4 families are done on a 1004. Go figure.

Don't know if this helps or not but it is far better than using duplex comps in another county or those over a year old, although both are necessary at time.


Larry Lyke

Senior Member
Feb 2, 2002
jt --

I agree with Don.

I would be absolutely sure that your Lender is demanding you do this job on a 2055.

BECAUSE, the 1025 will be a lot less work. Some Appraisers may think this sounds ludicrous because they don't like or understand the 1025, BUT the 1025 has the format you kinda need -- step by step laid out in front of you to help you arrive at the different conclusions that are so necessary to support your Opinion of Value.

You'll think you've gone crazy by the time to addenda-to-death the 2055 -- and still not know if you are in compliance with USPooP.

It's OK to reconsider; you have MY permission.


Jan 16, 2002
Don and Larry,

1. Duplexes/2-4 units/Double-Triple-Quadruple deckers (pick your tern based upon your own market terminology) may be done for FHA on the 1025. You can use either the 1004 or the 1025.

2. The 2055 can be used for non-HUD work, but as Larry mentioned it requires addenda to be USPAP compliant- unless the client agrees to you not doing the income and cost approaches. Even then it is not fully compliant- nor is the 1004 or 1025 as regards intended use/users. So you gotta do an addendum anyway- so its your call as to the form in consultation with the client.

ME? I use the 1025, but then its just my opinion and choice.


Ben Vukicevich SRA

Senior Member
Feb 9, 2002
Professional Status
Certified General Appraiser
New Jersey

Smack the LO in the head. He knows you can't use a 2055 for a duplex, if it's going to the secondary market as you stated in your post.

Here's the FNMA stuff fron the fannie website.

Desktop Underwriter Quantitative Analysis (Form 2055)
Download this Form (Interactive PDF Document)
The lender uses this form to document appraisals for one-family properties (including units in condominium or PUD projects) that are submitted to Desktop Underwriter® for evaluation. It requires a quantitative sales comparison analysis in which the appraiser assigns a dollar value to reflect the market's reaction to any features of a comparable sale that differ from those of the subject property.

One family only for a 2055.....

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