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REO

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carlos alvarez

Sophomore Member
Joined
May 8, 2006
Professional Status
Certified Residential Appraiser
State
Florida
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

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
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

Senior Member
Joined
Mar 15, 2008
Professional Status
Certified Residential Appraiser
State
Ohio
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

Member
Joined
Feb 7, 2008
Professional Status
Certified Residential Appraiser
State
Michigan
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
 
Last edited:

Greg Bell

Senior Member
Joined
Jul 7, 2006
Professional Status
Gvmt Agency, FNMA, HUD, VA etc.
State
Louisiana
Fraud....yikes...we are going to jail..
 
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