FHA 2055

[Ranch Hand]

I just got an order for an FHA Exterior -only residential report 2055. What guidance and warnings do you have for me?

 

[Bobby Bucks]

I just got an order for an FHA Exterior -only residential report 2055. What guidance and warnings do you have for me?

Is it a HUD pre-foreclosure (HUD Claims Without Conveyance of Title) or are they requesting a COVID modified scope? The engagement letter should be specific.

 

[Ranch Hand]

Is it a HUD pre-foreclosure (HUD Claims Without Conveyance of Title) or are they requesting a COVID modified scope? The engagement letter should be specific.

Engagement letter says, "FHA Exterior -only residential report 2055"; no mention of COVID modified SOW. I did my drive a drive-by and it looks abandoned. Does 4001 offer guidance on 2055's? Any words of advice?

 

[Sadie]

Engagement letter says, "FHA Exterior -only residential report 2055"; no mention of COVID modified SOW. I did my drive a drive-by and it looks abandoned. Does 4001 offer guidance on 2055's? Any words of advice?

4000.1 does offer guidance.

 

[Bobby Bucks]

Engagement letter says, "FHA Exterior -only residential report 2055"; no mention of COVID modified SOW. I did my drive a drive-by and it looks abandoned. Does 4001 offer guidance on 2055's? Any words of advice?

Does it state if the assignment is for servicing, refinance or REO? The engagement letter should state if it is a pre-foreclosure, CWCOT. If it is, the lender should be able to provide a copy of the original FHA appraisal to use for the assignment.

 

[Tom D]

if they didn't ask for the REO addendum, it is just a driveby, maybe a short sale. hopefully, you can find enough info to figure it out, reference those sources.
i do a lot of drive by pre forclosure. did they ask to appraise in c4 condition. really read their scope of work & especially what 'market value' they want. FHA has different market values.
if no owner phone, or realtor given you, i go conservative on condition.

NO INTERIOR INSPECTION WAS MADE, APPRAISER ASSUMES UTILITIES ARE ON, FUNCTIONING. NO APPARENT STRUCTURAL DEFECTS. MECHANICAL SYSTEMS ARE IN WORKING ORDER, FUNCTIONING. APPLIANCES ON, BUILT-INS & KIT CABINETS FUNCTIONING. ADEQUATE ELECTRIC SERVICE. HEAT SOURCE IS PERMANENTLY ATTACHED. THE DWELLING IS ASSUMED TO BE IN AVERAGE CONDITION WITH UTILITIES ON & FUNCTIONING. Any difference from these assumptions may negatively, or positively affect the value. This is an extraordinary assumption: an assignment-specific assumption, as of the effective date regarding uncertain information used in an analysis, which if found to be false, could alter the appraiser’s opinions or conclusions.

THE INTENDED USER OF THIS APPRAISAL REPORT IS THE CLIENT NOTED IN THIS REPORT. THE INTENDED USE, THAT IS THE SUBJECT OF THIS APPRAISAL, IS TO DETERMINE INTERNAL MARKET VALUE FOR CLIENT, NOT FOR LOAN ORIGINATION. (are they asking for internal market value?)

a big clue is: a lender, or loan service company, requesting it. tells you what may be happening.

 

[Ranch Hand]

if they didn't ask for the REO addendum, it is just a driveby, maybe a short sale. hopefully, you can find enough info to figure it out, reference those sources.
i do a lot of drive by pre forclosure. did they ask to appraise in c4 condition. really read their scope of work & especially what 'market value' they want. FHA has different market values.
if no owner phone, or realtor given you, i go conservative on condition.

NO INTERIOR INSPECTION WAS MADE, APPRAISER ASSUMES UTILITIES ARE ON, FUNCTIONING. NO APPARENT STRUCTURAL DEFECTS. MECHANICAL SYSTEMS ARE IN WORKING ORDER, FUNCTIONING. APPLIANCES ON, BUILT-INS & KIT CABINETS FUNCTIONING. ADEQUATE ELECTRIC SERVICE. HEAT SOURCE IS PERMANENTLY ATTACHED. THE DWELLING IS ASSUMED TO BE IN AVERAGE CONDITION WITH UTILITIES ON & FUNCTIONING. Any difference from these assumptions may negatively, or positively affect the value. This is an extraordinary assumption: an assignment-specific assumption, as of the effective date regarding uncertain information used in an analysis, which if found to be false, could alter the appraiser’s opinions or conclusions.

THE INTENDED USER OF THIS APPRAISAL REPORT IS THE CLIENT NOTED IN THIS REPORT. THE INTENDED USE, THAT IS THE SUBJECT OF THIS APPRAISAL, IS TO DETERMINE INTERNAL MARKET VALUE FOR CLIENT, NOT FOR LOAN ORIGINATION. (are they asking for internal market value?)

a big clue is: a lender, or loan service company, requesting it. tells you what may be happening.

No mention of REO Addendum. Intended Use on order is "Mortgage Servicing". No other details on order.

pre-foreclosure, CWCO

 

[Jim Scholl]

I just got an order for an FHA Exterior -only residential report 2055. What guidance and warnings do you have for me?

You will need to report that the home could not be entered and why.

 

[glenn walker]

No mention of REO Addendum. Intended Use on order is "Mortgage Servicing". No other details on order.

Mortgage Servicing -Its most likley in default and not yet a REO- Nothing different than a typical 2055 exterior.

 

[Mike Kennedy]

https://www.HUD.gov/sites/dfiles/OCHCO/documents/2020-37hsgml.pdf

https://www.HUD.gov/sites/dfiles/SFH/documents/ModelApprExterior_OnlyCert_03_27_20.pdf