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John M

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John M

Thread Starter
Freshman Member
Joined
Dec 15, 2007
Professional Status
Certified Residential Appraiser
State
California
My Name is John and I am a Certified Residential Appraiser in California. I am preparing to do a heavy load of appraisals for a company that will be appraising hundreds of forclosure properties either purchased or to be purchased at auction. I have not yet done an appraisal on a foreclosed property purchased at auction so I want to make sure I do everything properly. Does this still go on a 1004 form for SFRs? If not, what form does it go on? If it does go on a 1004 for SFRs are there extra forms I need to include in the report? If yes, what are they? Another appraiser I know just did two appraisals for this company and was told the purpose of the appraisal was for purchase purposes, but that he had to leave the name of the purchaser blank as they did not have a purchaser yet . . . This being the case, is this still an appraisal for purchase purposes? Is this normal? How can I best cover my back? I will be calling OREA on this as well, but I seem to get a different answer from each person I talk to whenever I call them.
 

Otis Key

Elite Member
Joined
May 15, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
This will get moved - might want to check out the rooles above to understand the forum. Good luck to you.
 

John M

Thread Starter
Freshman Member
Joined
Dec 15, 2007
Professional Status
Certified Residential Appraiser
State
California
no idea eh? Hopefully OREA will be able to help!
 

Chris Colston

Elite Member
Joined
Jul 24, 2003
Professional Status
Certified Residential Appraiser
State
Florida
This will get moved - might want to check out the rooles above to understand the forum. Good luck to you.

Why, Otis? If it gets moved anywhere it will most likely wind up in the California section. :new_xmas:

John, since the reports are not for mortgage purposes you might want to look at some the General Purpose forms in your software. As far as how to proceed and what other information you might want to include I'll defer to others on the forum.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I use the new 1004 with an addendum to disclose as is value, as repaired value, and 30 day quick sale. I also spell out the needed repairs with an estimated cost to cure.

I feel it IS a FRT, although not the normal interpretation we usually have.

No complaints, yet.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
...Is this normal? How can I best cover my back?...

I can not respond to your concerns because I am uncertain as to the use of your appraisals. The questions that you are asking indicate that there is not a meeting of the minds between you and your client, and lacking such understanding, I am unaware of how you are to proceed.
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
Send me all your extra work. I got plenty of time on my hands
 

Tom Woolford

Elite Member
Gold Supporting Member
Joined
Nov 20, 2005
Professional Status
Certified Residential Appraiser
State
Florida
John,

If I understand your post correctly, the purpose of the Appraisals is for Portfolio Management. Since it is not for a Lending Decision, and the client is not evaluating for REO purposes, it would seem that the general purpose forms would be appropriate. I would have the client clarify their intent and develop your scope of work accordingly. Of course it may vary from one property to the next. It sounds like an interesting assignment.

Best of luck
 

Otis Key

Elite Member
Joined
May 15, 2004
Professional Status
Certified Residential Appraiser
State
New Mexico
U
Why, Otis? If it gets moved anywhere it will most likely wind up in the California section.

John, since the reports are not for mortgage purposes you might want to look at some the General Purpose forms in your software. As far as how to proceed and what other information you might want to include I'll defer to others on the forum.[/quote]Uhhhhhhhhhhhhh - because since when was it an "URGENT" aspect because someone was looking for work in particular part of the country?

Or have I lost contact with the establishment and format of the forum?
:new_smile-l::new_smile-l::new_smile-l: This doesn't seem to be URGENT to me............but then again, that's just my opinion.
And then again - who can tell with the changing rooooooles here?:shrug:
 
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