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exterior REO

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Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
For exterior assignments on manufactured Fannie REOs is the 1004C now the only form allowed? They used to allow the 1004, then they required the 2055. I prefer using the same form for the follow up interior assignment when possible.
 

stefan olafson

Senior Member
Joined
Apr 2, 2003
Professional Status
Certified General Appraiser
State
North Dakota
Exterior Drive By REO appraisals???

If you even contemplate providing an opinion of value on this type of property, you may as well just send in your license! Are you crazy, desperate, or both?


OH, 1004 C is the only one allowed by most manuf home lenders..
 

Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
EAs are permitted.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I don't believe there is anything that says you can't use the 2055 to appraise a MFG home. I've not done it but I believe you can do it.
 

Jim Bartley

Senior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I'd use the 2055 and supplement with an addendum.
 

demcpeake

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Joined
Nov 28, 2007
Professional Status
Certified Residential Appraiser
State
Kentucky
2055 E. they want the bare minimum, they get the bare minimum.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
REO's are not bound for the secondary market as they are not for lending consideration so you can use just about any reporting form you want and that the client will accept. The old 2055 works well.

You really don't have to worry about the HUD numbers, labels, tags, DOM etc, that the 1004C requires since this is for non-lending. Just make any HC's or EA's that are reasonable to produce a credible report that will satisfy the client's needs.
 

Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
As a clarification, their most recent info states to use the 1004C for exterior and interior REO manufactured. When they began making changes regarding which form to use, there was a delayed response after March 2005, I know I can use the 1004C, but would prefer to use either the 2005 or better yet, the 1004 and save time due to software template, duplication, etc. There was a time when they allowed either the 1004 or 2055 for manufactured exteriors before they ordered an interior. It's not due for a few days and just want to save time. The 1004C takes more time and I'd prefer to use the 1004 if they're still allowing it. This is a Fannie Mae REO
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
This is a Fannie Mae REO
Doesn't matter. It is not for lending consideration. If they called for a 1004C based on an exterior only inspection, then they obviously cannot be concerned about guidelines since you cannot view the HUD data sheet that is inside of the house.

Just do it on their form and those things that you cannot see or find, HC or EA them with a comment in the addendum that the form was specified by the client and the assignment conditions did not permit all of the data to be collected.
 

Offshore

Thread Starter
Senior Member
Joined
Dec 25, 2005
Professional Status
Certified Residential Appraiser
State
North Carolina
Even though none of their assignments are for lending consideration, with them it does matter, they're picky in that regard. I had one instance where I did an exterior on a 1004 which had been their policy, then I had to re-do it on a 2055 because their policy changed. In that case I did an exterior on a 1004, converted it to a 2055 and 3 months later did an interior assignment on a 1004. I like duplication only if I'm being paid for each step. :) I’m just trying to avoid it. Hopefully someone out there who also does Fannie REO manufactured will chime in.
 
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