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REO Addendum required?

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mrcservices

Thread Starter
Freshman Member
Joined
Jan 24, 2008
Professional Status
Certified Residential Appraiser
State
California
Hello,
My first REO sale, and not sure if I need to provide the REO Addendum. The lender didn't specifically ask and no repairs were noted. Is it required for all REO identified properties?

Many thanks,
Tammy
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Hello,
My first REO sale, and not sure if I need to provide the REO Addendum. The lender didn't specifically ask and no repairs were noted. Is it required for all REO identified properties?

Many thanks,
Tammy

#1...It is essential that you enquire of your client as to their requirements for your appraisal...and this means for each and every assignment.

That said,...

#2...If your appraisal is for the purchase of a bank-owned property, it would be HIGHLY unusual for the lender-to-be to require an REO addendum. So, I suppose the best answer to your question is "no".
 
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