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Roger

Junior Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
Missouri
I am reviewing a report that was prepared on a URAR Form.

The comments section notes that there was no interior inspection, yet there is a good discription of the interior fixtures and finish, basement finish, effective age, etc.

There is no disclosure of how the original appraiser obtained this interior data. I would guess that the interior data was supplied by the borrower.

This was a refi, so there was no listing from which to obtain data.

Any one else ever run into this?
 

Richard Whitt Jr.

Sophomore Member
Joined
Jun 4, 2003
Professional Status
Certified Residential Appraiser
State
Texas
Roger,

Have you done a search going back a few years in the MLS? Or check tax appraisal records to get date of last sale! Try searching MLS by address and see if anything comes up. ;)
 

Patrick Egger

Sophomore Member
Joined
May 29, 2003
Professional Status
Certified General Appraiser
State
Nevada
Check the limiting conditions and addenda for a listing of information/descriptions supplied by others, such as the owner ... if its a tract or production type house, is it possible the appraiser got the basics from a brochure, regardless, somewhere he/she should have stated the source if no interior inspection.

I'm not sure what data is available in your market, but we have a variety of data source here that could give you an idea of the interior ... I think a lot will depend on any disclaimers or LC's the appraiser included in the report ... one of the reasons I don't look forward to doing a 2055 ... the interior finish and upgrades can vary widely ... and no interior inspection can leave you guessing bigtime.

Richard had some good thoughts on prior listings ... public records ...our PR's give some information ... but a prior listing may offer more detail.

I'd be interested in knowing what you find out ... please post a follow-up.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
We do a number of "driveby" appraisals on the URAR form because we cannot gain access to the property (foreclosure, pre-foreclosure, etc) and the lender or secondary market will not accept a 2055. Normally we just add an dis-claimer line on both pages of the report. Information on the interior comes from assessor's property card (tax record) and any old MLS data available.

Remember the 2055 isn't that old...lots of us old types still prefer the URAR (1004).
 

Roger

Junior Member
Joined
Jan 24, 2002
Professional Status
Certified General Appraiser
State
Missouri
I could see doing a URAR drive by, preforeclosure report, on a repo, when the owner was still in the property. This however, was a refi on a property purchased about 2 years ago.

There was no MLS data on the property, the last sale appears to have been a FSBO. Local tax assessor does no interior inspections, any interior data on the county PRC is estimated, oral from owner, or they ask a neighbor.

The subject is a 60-70 year old single family located in a good neighborhood with strong demand. Most of the nearby homes have been updated and remodeled in recent years.

I just can't imagine any reason for the owner to refuse access to the appraiser, when the owner wants to do a refi. I smell a rat here someplace, but don't quite know where it is. I guess that's why I got to review it.

Maybe it's a rental, and the owner wants to do a refi as if it were owner occupied?
 

Patrick Egger

Sophomore Member
Joined
May 29, 2003
Professional Status
Certified General Appraiser
State
Nevada
Roger ...

if its a rental, won't public records show the owner's mailing address different the the subject property? not sure how they do it where you are ... if the appraiser made the effort in the comments to indicate "no interior inspection" ...

he/she would be required to make certain assumptions (and clearly report the same) ... and since he described the interior in detail, without an inspection, I would expect to see clarification on the source of the information and or and explanation in the form of an "assumption.

have you went through the report's LC's and Assumptions (as asked in prior post) ... was anything there? You may be right on something fishy ... depends on the parties involved ... keep us posted on what you find.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
Roger ~

Just indicate: "Appraiser did not indicate how and/or where she obtained detailed interior descriptive information. She indicated there was no interior inspection performed."

Let the review UW decide how to use the report therefrom.
 
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