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Old 2055

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Betsy Coopman

Freshman Member
Joined
Jan 19, 2004
Professional Status
Licensed Appraiser
State
Wisconsin
I have a request for an old 2055 Exterior Fannie Mae 2055 9/96. My quaestion is this. I need to make a quality of construction adjustment, however there isnt a spot for quality of construction? Per owner and per exterior inspection, the subject has brand new vinyl siding and one of my comparables has older wood siding. I have only done a few of these, but I never had to adjust for quality of construction.
 

CANative

Elite Member
Joined
Jun 18, 2003
Professional Status
Retired Appraiser
State
California
The old 2055 has two blank cells at the bottom of the sales grid section. Use that if you like.

I can't see new vinyl siding as a quality issue. If you think an adjustment for the new siding is warranted it might be better to use the condition line and call it updating.
 

Mztk1

Senior Member
Joined
Dec 3, 2006
Professional Status
Certified Residential Appraiser
State
Florida
How old is the house?

Sometimes the vinyl siding takes away from value.

Plus, I am not so sure it is a quality issue. If the wood siding was scraped and painted real nice, and it looked good, would you still make an adjustment for quality? Not knowing your market, but extending it to market's I have appraised, I wouldn't.

It sounds more like a condition adjustment.
 

Thomas Fiehler

Senior Member
Joined
Jun 2, 2003
Professional Status
Certified General Appraiser
State
Ohio
Just wondering why the type of exterior siding impacts the quality of construction? I can show you fair quality houses with brick exterior or good quality homes with vinyl siding.
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
The old 2055 has two blank cells at the bottom of the sales grid section. Use that if you like.

I can't see new vinyl siding as a quality issue. If you think an adjustment for the new siding is warranted it might be better to use the condition line and call it updating.

I agree with Greg. Must be something in the genes.
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
I concur. It is likely a condition adjustment. But as Mr. Boyd said, there are two blank lines to make adjustments for other market perceived differences.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I have a request for an old 2055 Exterior Fannie Mae 2055 9/96. My quaestion is this. I need to make a quality of construction adjustment, however there isnt a spot for quality of construction? Per owner and per exterior inspection, the subject has brand new vinyl siding and one of my comparables has older wood siding. I have only done a few of these, but I never had to adjust for quality of construction.

There are spaces where you can add the category for "quality of construction"; NEVER allow the "form" to limit what is necessary!

And...what is your plan for "appraiser's certifications" #8 and #9?
 

Joker

Elite Member
Joined
May 28, 2002
Professional Status
Certified General Appraiser
State
Ohio
I am sure this appraisal was done by invoking the departure provision of USPAP.








(waiting for comment)
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
am sure this appraisal was done by invoking the departure provision of USPAP.








(waiting for comment)
beat me to it....why would an idiot order a 2055 "old" - lenders...always lenders.
 

Webbed Feet

Elite Member
Joined
Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
There are spaces where you can add the category for "quality of construction"; NEVER allow the "form" to limit what is necessary!

And...what is your plan for "appraiser's certifications" #8 and #9?

What's wrong with #8?

Webbed.
 
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