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FHA Exterior Only Inspecton

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StephHigdem

Member
Joined
Jan 5, 2004
Professional Status
Certified Residential Appraiser
State
Idaho
I am only seeing 2055 as an option under HUD owned properties (II.D.12.4); can we still provide this service if the client order it?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Sure, why not?
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Not for loan origination.

Jan 22, 2013 - FHA does not accept appraisals reported on the 2055 or 1075 forms​
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
I was thinking for pre-foreclosure purposes.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
All is possible, my son. AMCs can ask how many angels can fit on the head of a pin. If you think you can produce credible results, then its probably okay, but if it blows up, run for cover. Just make sure everyone is on the same page.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
Tell the client you're not sure about this and ask them to explain what's going on.
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
It really just depends on the intended use of the appraisal. As Terrell said, "...FHA does not accept appraisals reported on the 2055 or 1075 forms." Now, if the Lender wants to use a 2055 for asset valuation purposes, then I don't see a problem.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
For equity position and often when the owner is in default. Look at the records and see if a NOD has been filed but either way 2055s are done on by FHA but not for purchase loans.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Is there an FHA case number?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Is there an FHA case number?

I've done 2055 appraisals and they provided the FHA case #. They want it in the report. You just don't do the appraisal per FHA appraisal protocol. I always make a statement that the appraisal was an exterior only appraisal and I did not look for MPR required repairs other than from the street.
 
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