Exterior-Only Appraisal - Support for Quality & Condition Rating

[Tumbuktu]

Lender wants support for Quality and Condition Rating through 'Realtor, MLS or Homeowner'. Tax/CAD is not sufficient. Property was never listed so Realtor or MLS is not possible. Homeowner is unresponsive. Can 'Extraordinary Assumption' be used. Are there any other options to address this issue?
As always, guidance and feedback would be appreciated

 

[J Grant]

Lender wants support for Quality and Condition Rating through 'Realtor, MLS or Homeowner'. Tax/CAD is not sufficient. Property was never listed so Realtor or MLS is not possible. Homeowner is unresponsive. Can 'Extraordinary Assumption' be used. Are there any other options to address this issue?
As always, guidance and feedback would be appreciated

IF URAR form an EA can not be added by the appraiser ( EA is already baked in the printed statements on the forms )

Did you have fairly recent interior photos to work from? Either from MLS or owner or other source? If you did not have interior photos how did you appraise it...
in any event, client is now asking for an extra level of Q and C ratings support beyond original SOW or sources you relied on for assignment as an ext.

Now your best option is put the onus back on the client - Tell them that in order to further support Q ad C ratings, you need them to upgrade the assignment to an interior inspection appraisal.

 

[DWiley]

If the appraisal is for one of the GSEs, then you must either (1) have a data source [see comments under SOW section on 2055 form] or (2) decline the assignment. If being done as a COVID flexibility, data from the owner may be used, though that does not help if they are unresponsive.

 

[Tumbuktu]

It is being done under COVID flexibility. It is not a very old property, built in 2012. Comps are in a very narrow value range. Tax and CAD information satisfy the SOW at the minimum level. Lender however wants something in addition to it. Homeowner feedback is the only option is this case and he is not responding.

 

[jay trotta]

It is being done under COVID flexibility. It is not a very old property, built in 2012. Comps are in a very narrow value range. Tax and CAD information satisfy the SOW at the minimum level. Lender however wants something in addition to it. Homeowner feedback is the only option is this case and he is not responding.

Reach back to the Client and advise them, maybe they'll reach out to the owner and get a reaction and the input to complete the report.
Good Luck

 

[DWiley]

It is being done under COVID flexibility. It is not a very old property, built in 2012. Comps are in a very narrow value range. Tax and CAD information satisfy the SOW at the minimum level. Lender however wants something in addition to it. Homeowner feedback is the only option is this case and he is not responding.

If you have data, then I am unclear as to what EA you would add.

 

[Tumbuktu]

If you have data, then I am unclear as to what EA you would add.

Interior Condtion

 

[DWiley]

Interior Condtion

The post above indicates that you have interior condition information from tax records. Is that correct? Some tax data has condition info and some does not.

if you have the data, then no EA is needed, If you didn’t have the data, the report should not have been completed

 

[J Grant]

It is being done under COVID flexibility. It is not a very old property, built in 2012. Comps are in a very narrow value range. Tax and CAD information satisfy the SOW at the minimum level. Lender however wants something in addition to it. Homeowner feedback is the only option is this case and he is not responding.

So did you or did you not have recent interior photos to work with( yes or no)

I personally do not understand how a house can be appraised lacking interior photos. There are times we may need to such as an REO ext appraisal but that would be explained and understood by clients and users - But this is not an REO...you are saying Tax and CAD information satisfy SOW at minimum level -- perhaps not...

Again, if owner is unresponsive you are at an impasse. Suggest the lender make it an upgrade to an interior inspection since you can not provide further support as assignment stands due to owner lack of cooperation. Now it is the client's problem. If owner wants loan badly enough, they will allow an int inspection. If not, then that is the owner's decision.

 

[ZZGAMAZZ]

So did you or did you not have recent interior photos to work with( yes or no)

I personally do not understand how a house can be appraised lacking interior photos. There are times we may need to such as an REO ext appraisal but that would be explained and understood by clients and users - But this is not an REO...you are saying Tax and CAD information satisfy SOW at minimum level -- perhaps not...

Again, if owner is unresponsive you are at an impasse. Suggest the lender make it an upgrade to an interior inspection since you can not provide further support as assignment stands due to owner lack of cooperation. Now it is the client's problem. If owner wants loan badly enough, they will allow an int inspection. If not, then that is the owner's decision.

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Seems that the impasse was created when the appraiser submitted a report without any credible information concerning the subject condition. Rather, the appraiser should have stopped and advised the client of the challenge, which as has been suggested, almost certainly would have been resolved if the borrower was made aware that the appraisal would not continue without his or her insight. Easy Peasy although the AF is the only source of which I'm aware that factors like this are addressed....although I've been hoping for a CE class that addresses contemporary flexibilities--which might go away when the vaccines become readily available within weeks...