FHA 2055 Drive By

[Kitarkus]

Out here those are pets, Bobby. Unless they're Longhorns. Then they're trouble.

Glad I chimed in! I'm learning a lot about differing cultures Out here in my area...your pets are our dinner.

 

[glenn walker]

Read your 2055 certification under scope of work because that lays out the minimum you are required to do. The appraiser uses the same type of data sources that he-she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections etc. *** This is an "Asset Valuation" for the lender to try and determine if there is any equity. This is not for a new FHA loan and it does not require repairs BUT you are expected to report any evidence of damage or repairs you could visually observe from the street ( Missing or damaged roof -damaged siding, broken windows , abandoned cars ) these are what your condition rating is based on but these are also high liability appraisals because there are a lot of assumptions being made and even though the home may appear to be in average condition you never know if the angry owner flooded or gutted the interior. The other problem I have encountered is angry owners or tenants that love to come outside and threaten your life. It's a business decision but personally i would decline the assignment.

 

[Kitarkus]

Out here those are pets, Bobby. Unless they're Longhorns. Then they're trouble.

Glad I chimed in! I'm learning a lot about differing cultures Out here in my area...your pets are our dinner.

Read your 2055 certification under scope of work because that lays out the minimum you are required to do. The appraiser uses the same type of data sources that he-she uses for comparable sales such as, but not limited to, multiple listing services, tax and assessment records, prior inspections etc. *** This is an "Asset Valuation" for the lender to try and determine if there is any equity. This is not for a new FHA loan and it does not require repairs BUT you are expected to report any evidence of damage or repairs you could visually observe from the street ( Missing or damaged roof -damaged siding, broken windows , abandoned cars ) these are what your condition rating is based on but these are also high liability appraisals because there are a lot of assumptions being made and even though the home may appear to be in average condition you never know if the angry owner flooded or gutted the interior. The other problem I have encountered is angry owners or tenants that love to come outside and threaten your life. It's a business decision but personally i would decline the assignment.

Oh ... ya .... forgot to mention ... I leave my car running and in gear during these inspections ... and if it is a dead end street... i suggest you face toward the exit prior to photographing. I've been chased, yelled at, had things thrown at me, and once had a baseball bat at my car window before I could look up from my clipboard. On most of these asset valuations in my neck of the woods....I have very little or nothing aside from public records from which to ascertain features/condition. Very occasionally I'll have a prior Appraisal supplied to me with the Assignment. I rely almost exclusively on exterior view to develop an OPINION of condition. Thus the real need for a lot of type-work relating to the assumptions that you have made within your report. I feel that liability is limited for these assignments personally. These reports are NOT for lending purposes....rely on appraiser assumptions....are exterior reports etc. My orders typically have an FHA case number solely because they require an FHA roster appraiser, however, I always include a statement explaining that I cannot determine whether the Subject property meets HUD requirements given the exterior only scope of work. Someone has to do these assignments....and I readily accept them. I do charge more for these than typical 2055 work....because there is some physical risk..and there is absolutely extensive type-work involved.

These order types are far less dangerous IMO than the 1004 asset valuation requests where they expect me to go to the door and determine occupancy for them....and if occupied...proceed with exterior....if vacant with lockbox proceed with interior....if vacant and no lockbox proceed with exterior etc. Ha...Clients even want me to photograph the door handle...to show whether a lock box exists or not. I've nearly been killed opening a screen door to photograph a door handle. I've been vocal about these orders putting appraisers at serious risk...and I try to avoid this order type if possible.