"Old" 2005 form

[Ken B]

In numerous threads, regular advice is given to use the "old" 2055 form (which I assume means the 9/96 version) when reporting an appraisal wherein the subject property inspection was limited to the exterior only.

Why?

 

[hastalavista]

In numerous threads, regular advice is given to use the "old" 2055 form (which I assume means the 9/96 version) when reporting an appraisal wherein the subject property inspection was limited to the exterior only.

Because of the limitations & requirements that the Certification and SOW contain within the pre-printed certification of the revised form.

For your basic mortgage lending appraisal, the revised forms are fine.
For anything else, I'd stay away. :new_smile-l:

 

[PropertyEconomics]

Because of the limitations & requirements that the Certification and SOW contain within the pre-printed certification of the revised form.

For your basic mortgage lending appraisal, the revised forms are fine.
For anything else, I'd stay away. :new_smile-l:

I understand you have to meet current USPAP Denis .. but if your date of valuation is retrospective why would you not use the forms available then? THe purpose is to provide a value as IF you had done it on that day. Had you done in on that day you would have used the forms available then.
Also .. if you provide a retrospective valuation .. do you use City data from the time period or do you put in current data?

Just curious.

 

[Marcia Langley]

Ditto Denis.

 

[Ken B]

In an separate thread, the appraisal was required for a property settlement in a marital dissolution. If I remember, the effective date was 1995. The 9/96 2055 form is okay?

 

[PropertyEconomics]

In an separate thread, the appraisal was required for a property settlement in a marital dissolution. If I remember, the effective date was 1995. The 9/96 2055 form is okay?

I wouldnt use it for that date but others may say its ok. If I misundersood the date thne that is my bad. I thought it was 1997.

 

[Ken B]

May have been '97, I forget.

 

[Mike Kennedy]

2007 assignment, 2006 USPAP.

Ken - the "old" permits both interior and/or exterior, EA's and HC if required.

it was 1997 EDV

 

[Charles Knutson]

The 9/96 2055 was not an "exterior only" report -- it could be an "exterior only" with interior inspection (a drive by with an interior walk through) or a full interior inspection appraisal, with sketch.

There was also a 1994 or 1995 version of the 2055 -- that was the beta test version, which was replaced by the 9/96 2055. There were only minor changes between the two versions.

I took a class on the 2055, taught by an AI instructor and a Fannie Mae rep. The 9/96 2055 was introduced to streamline the appraisal process -- Fannie/Freddie had determined that there was minimal lender risk from the use of a shorter form; they also introduced the 2065 (comps without adjustments) and the 2075 (no comps) reports at the same time. They also allowed lenders to originate loans with homeowner stated values -- those didn't last long.

The latest revisions of the URAR and 2055 went the other way -- building in provisions for everything (including a cost approach in the 2055, which totally defeats the original premise.)

I loved 2055 full appraisals back in the day -- much easier than a URAR, but with all the same inspection criteria.

 

[Mike Kennedy]

Ditto Charles. "it it ain't broke- don't fix it".