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REO Appraisal Check List

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stacy158

Freshman Member
Joined
May 6, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Are you suppose to check to see if the Appliances work?? ... such as AC, Fridge, Oven, etc ?? Like an FHA? or just note that they are just there?

Examples:
say for example are you suppose to see if the fridge blows cold?

dishwasher runs?

Water heater turns out hot water?

HVAC blows cold & Hot ?

etc...

Thanks In advance.
 

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Usually the utilities are off when you inspect an REO.Most lenders do not require a systems check , unless it is a HUD REO and the systems are checked before you inspect.
Refrigerators , dishwashers , Stoves would be considered personal property (at least in Kansas) and they would not be checked.Usually it's best to visually check the systems and call for a systems check on the REO addendum.If the utilities are on I usually check to see if Heating and cooling are operational.
 

stacy158

Freshman Member
Joined
May 6, 2007
Professional Status
Certified Residential Appraiser
State
Florida
Thanks for all the help!

Thanks a bunch Greg for your help thats what I figured but just wanted to confirm.
 

Dale Smalley

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Are you crazy NEVER open the fridge.
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
You folks are from the Appraisals are art crowd. I'm a scientist, and like to observe experiments. Carry Vick's vapor rub, put a dab under your nose and check it out. Its like the first time you eat a "bad" mushroom, sometimes the colors are amazing. So I hear.
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
Are you crazy NEVER open the fridge.


Dale,

That is actually one of the tips I give in the AI's REO seminar - I had a trainee who was inspecting an REO preoperty with me once, and he could not resist the urge to peek in the fridge. He will NEVER make that mistake again

:rof:

DW
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Hi Stacy - Best to start with checking your clients expectations as to level of inspection and reporting - some have specified preferences on that matter.
Regardless, you should explain what YOUR actions were on site (SOW) and under what assumptions you operated when developing your value opinion. Cover your tailfeathers girl - it like Kevlar when/if they come gunning for you later!

I'll add to the health-n-safety warning - if the power is off, turn your flashlight on OUTSIDE and don't shake it once you get into the house... If you smell gas LEAVE.

Danny - sure hope you were closest to the door when the guy pulled that stunt!

It is pretty amazing what colors and odors can result in sealed environments. I walk really softly near any chest freezers on wood floors these days- because a jar on the floor can break a horizontal seal. I am tellin' you freezer 'soup' can burp an incredible odor. I am talking :new_alien: environments! It was below freezing in the house and who knew the freezer could self-generate enough heat to keep 'brewing.' With deer antlers all over the place I bet what was marinating in there started out looking like Bambi! (I didn't look to see.)
 
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