REO

[carlos alvarez]

Question never done an REO, does the REO Addendum go in conjunction with a 1004. Reason for asking Addendum asks for number of Day’s on-market for the comparables sales used in appraisal report.
Thank You.

 

[RSW]

I believe the lender wants the days on market for the active listings used in the REO addendum. That is what I usually put there since I put the DOM for the closed sales as a line item in the grid.

 

[tmon43]

Carlos, the REO addendum is an addendum to the 1004. As you may know, the addendum, provides a space for comparison of the subject to current listings, a space for a repair list, a space for various indicated values (as-is, as repaired, quck sale as is , and quick sale as repaired) there is also a space for the days on market for the comparable sales used in the report. If you put information there that pertains to the the current listings , you are commiting fraud. The REO addendum is used by the client/lender to further analyze the (current) subject market as opposed the historical analysis included in the 1004.

 

[jtinmichigan]

not fraud.

It is an error, but not fraud.

1.deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage.
[Origin: 1300–50; ME fraude < OF < ML fraud- (s. of fraus) deceit

 

[Greg Bell]

Fraud....yikes...we are going to jail..

 

[carlos alvarez]

Thank You!!