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FHA Drive BY

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ctag1003

Thread Starter
Sophomore Member
Joined
Jan 16, 2008
Professional Status
Certified Residential Appraiser
State
New York
I just got asked to do an exterior inspection only for a FHA jumbo loan. The purpose is to provide a second opin. of value for this property as the first interior appraisal was completed by another appraisal firm. Has anyone hear of this. I called the bank and they told me that their u/w told them it was ok.
 

ccooper

Junior Member
Joined
Mar 9, 2002
Professional Status
Certified General Appraiser
State
Missouri
We don't do drive bys. I don't buy houses from the street and we don't appraise them from the street either.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
I don't buy houses from the street and we don't appraise them from the street either.

Funny you said that... because I do and I do.
When buying off the steps you don't always get to see the inside, and there are plenty of legit reasons for an exterior only appraisal.
 

Michael Tipton

Senior Member
Joined
Sep 25, 2005
Professional Status
Certified Residential Appraiser
State
Florida
http://www.HUD.gov/offices/adm/hudclips/letters/mortgagee/files/08-09ml.doc
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Dang, very good Michael & Rex, thanks for the link. Sounds like good business for some areas.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
You would think that AF members would do a search of this forum before asking questions. This topic has been discussed extensively and was done so just recently.
 

bpbappraisal

Freshman Member
Joined
Feb 29, 2008
Professional Status
Certified Residential Appraiser
State
Massachusetts
Had the same request for a "drive-by" FHA last week for a property in NH for a second appraisal on an FHA Jumbo Loan. Advised client that although the 2055 form is allowed for this purpose, I did not feel comfortable doing an "exterior only". Client upgraded to a full appraisal with no argument.
 

Randolph Kinney

Elite Member
Joined
Apr 7, 2005
Professional Status
Retired Appraiser
State
North Carolina
As long as the drive-by is for a purchase and listed on the MLS, I don't have a problem doing the new 2055.

If it is for a refinance, and there isn't a recent listing of the property, I would decline a drive-by.
 

ctag1003

Thread Starter
Sophomore Member
Joined
Jan 16, 2008
Professional Status
Certified Residential Appraiser
State
New York
We don't do drive bys. I don't buy houses from the street and we don't appraise them from the street either....

My question did not state "drive by" It stated exterior inspection. And appraiser certification number 2 on the 2055 exterior form states from "at least the street..." which in my area means the street...too many bit bulls in the bronx and brooklyn.

You would think that AF members would do a search of this forum before asking questions. This topic has been discussed extensively and was done so just recently.

WOW you sound offended! I missed that topic and discussion. I am sure its not the first time a duplicate question has been asked within this forum! I am confident that most are happy to assist as noted herein.

Anyway, thanks for the links guys Mr. Rex and Michael
 
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