Interior inspection question..........

[McPheeters]

Tim,

I competely agree with your statments.......

have a good day!

Paul

 

[AC King]

It's been said, and I believe it to be true, that once you step onto the property you are responsible for all pertinent data viewed, smelled or tasted.

When in court to defend an appraisal, how does one answer the question, why didn't you measure the property or make visual observations of the items that were readily available for viewing or for verifying?

Exterior appraisal reports are typically from public venues, such as streets, alleys, etc. If one sees the inside, then one must report the observed condition in the appraisal report.

 

[Mike Garrett RAA]

Any time they ask you for measurements or a floor plan...say " I can do that, it is now a 2055 with interior inspection and my fee is $zzz.. I would say you are between a rock and a hard place on this one. You did not observe "extensive remodeling" I would report the condition as average with no remodeling.

If a lender wants measurements on a driveby, I provide them with a copy of the assessor's card with their measurements. I also disclaim it in case it is incorrect.

 

[David S. Roberson]

It's too late to close your eyes now, Paul. You saw what you saw & you need to report it.

 

[Ray Ohler]

"non-question". However, I'll make THIS comment. Paul, the lender may be PO'd, the borrower may be PO'd and everybody involved may want you to be blind. YOU make the decision. However, if the loan goes bad, don't be surprised if EVERYBODY points at YOU in court. YOU KNEW EVERYTHING, THEY JUST ARE VICTIMS OF YOUR "OPINION" AND ACTED ON YOUR SAY SO.

 

[Larry Lyke]

I'm not quite sure it's necessary to address the interior condition other than to say it's average -- as in, hasn't been remodeled like the LO said.

I don't see the necessity of doing any protagonism. Keep it simple. 'It ain't been remodeled.'

If I started appraisals with a statement from the LO, a lot of them would read like, 'Well, the LO told me this, but it's not really true,' Or 'The main floor Family Room is really an enclosed Breezeway with the original jalousies.'

I've never gotten into an argument after-the-fact by reporting exactly what I saw.

 

[bradellis]

Folks,

What we may have here is a problem with semantics.

Clearly you CANNOT and SHOULD not do a floor plan on an exterior, "drive-by". You should not do an exterior sketch either. When a "drive-by" is ordered, you are not supposed to enter the property- that means stay off the site and see what you can see from the street, sidewalk, alley or whatever.

If a client orders a drive-by WITH an interior inspection, it is an oxymoron. What they really mean is that they want you to do an interior inspection on the 2055 (or even 704) FORM.

Forgive them. They are merely mortgage bankers, and sometimes they could be described by dropping the "oxy" from the paragraph above.

Brad