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FORM 2070-LIABILITY

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MARKETVALUE

Thread Starter
Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
What is the general feeling about a 2070?

I have one lender that orders them periodically. It seems like a throw away piece of paper to me with no estimated value given, but the verbage at the top of the form seems counter protective to the appraiser.

Any thoughts or experiences would be appreciated.

Thanks!

MRM
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The conventional wisdom appears to be that 2070s are risk free and there was some talk a few years ago about the ASB doing away with Std. 4 (consulting) which appears to be the proper standard to develop a 2070 under.

Ter
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
love 'em, send me more.
You get your money for (near) nuttin and your checks for free.

Personally tho I'd like to see every house in America properly appraised and such (insuring a comfy retirement for me and future employ for grandchildren... ) that is not our likely professional future...

Some times all the lender needs is a fast walkthrough and statement that there is nothing terribly awry with this house.
I am willing to do that. Pay me.

I understand your concern, but it would be terribly difficult for a lawyer to prove that you the appraiser ignored factors that were 'not the sole determinant' (as per thier supplied checklist :twisted: ), or did not 'exercise prudent judgement' :roll: .

Take pictures inside and out to cover your rear, then spend 12 mintues typing move on! A jury of your peers would never convict you and if you have pictures to show the other experts brought in to defend your case... (I doubt it would ever come to that...) BTW the key word if it turns into a dogfight is "APPARENT!"

As per a previous thread: I once substitued the comperable Freddie Mac form for this one, because the Freddie form DID NOT have the 'typical of the nighborhood' box on it. -

The subject primary improvement was entirely typical, the 2 story enclosed inground pool addition was NOT. On the Fannie form this box is an automatic 'fail do an appraisal' I was looking at a very well maintained property in a typical neighborhood which would be very attractive to most buyers but after a quick comp search decided there HAD to be a better way... Freddie to the rescue. Lender LOVED my solution to their problem as the people had excellent credit the appraisal would have been ugly and expensive and was entirely unnecesary considering the goal (low LTV no cash out refi).
 
Joined
Jan 16, 2002
This form is part of evolution, which will eventually eliminate appraisers.
The next step is the "Worth It - Not Worth It" Form which will go something like this:

Date
Property Address
Borrower
Check One Box: Worth It - Not Worth It
Name/Signature of "Appraiser" (no licensed required).

Oh, and the fee will be $3 dollars.

Liability ? Who knows. They'll need to blame somebody when the loan goes belly up, and it won't be the LOs or RE agents.
 

MARKETVALUE

Thread Starter
Sophomore Member
Joined
Feb 11, 2002
Professional Status
Certified Residential Appraiser
State
Georgia
Let them phase us out (by the way who is 'them', I sound like a damn liberal speaking in groups and not individuals) but him or them it doesnt matter. Let somebody phase us out, who cares, we all evolve and somebody will need me to interpet the data and/or consult. And keep in mind, I believe this firmly, our jobs may be diminished, but when the 'bubble' bursts after they phase the aprpaiser out, reform will come along again and we will look like the 'good guys' at least for a couple of years. Everything old is new and new is old. Phases and stages, circles and cycles.

Make hay while the sun shines..............

MRM
 
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