My first foreclosure. Do I need anything different in my report?

[oldguard]

I'm doing my first foreclousure next week and am wondering if I need to include anything different than normal in my 1004 report? The Assignment Requirements don't say anything different, so I thought I would see if anyone here has a comment/suggestion?

 

[Terrel L. Shields]

Conventional? FNMA? FHA? non-conforming (bank owned)?

 

[Tim Hicks (Texas)]

REO addendum

 

[oldguard]

Conventional? FNMA? FHA? non-conforming (bank owned)?

Assignment Requirements
Service Type: UAD - FNMA 1004 / FHLMC 70 Uniform Residential

 

[Dublin ohio]

I'm doing my first foreclousure next week and am wondering if I need to include anything different than normal in my 1004 report? The Assignment Requirements don't say anything different, so I thought I would see if anyone here has a comment/suggestion?

Is this the lender wanting a value for pending foreclosure

 

[oldguard]

Assignment Requirements
Service Type: UAD - FNMA 1004 / FHLMC 70 Uniform Residential

Is this the lender wanting a value for pending foreclosure

No. I have a sales agreement between the parties (buyers) and Federal Hm Ln Mtg Corp for $315K.

 

[Dublin ohio]

No. I have a sales agreement between the parties (buyers) and Federal Hm Ln Mtg Corp for $315K.

What you have is an appraisal for a purchase. The value will be the value regardless. Condition may be an issue but not necessarily.

 

[Terrel L. Shields]

Most REOs I know are "as is" only. Ask if the LOE doesn't say. If selling, then they aren't needing the value for their own book.

 

[Tom D]

check to see if is listed. most are, and talking to the listing agent, typically a couple agents seem to handle all the REO's, will be a big help. typically a foreclosure does include the REO addendum which asks for listings, repairs, repaired value & quick sale value.
i would make sure as to what they are expecting and not be caught doing all that for just the 1004 fee. i don't do them, too much work for the pay, and if you don't have an idea of the interior, you will come across very different than you expected.

 

[Vermonter]

check to see if is listed. most are, and talking to the listing agent, typically a couple agents seem to handle all the REO's, will be a big help. typically a foreclosure does include the REO addendum which asks for listings, repairs, repaired value & quick sale value.
i would make sure as to what they are expecting and not be caught doing all that for just the 1004 fee. i don't do them, too much work for the pay, and if you don't have an idea of the interior, you will come across very different than you expected.

This appears to be the sale of a foreclosure property. REO addendum is for the lienholder before trying to sell. Unless this is one of those acquisition companies buying?

I would check with the client, but typically in these cases they're looking for the as-is value. No repairs.