Restricted Appraisal

[Ted Markow]

I have done a 2055 exterior appraisal. The stated use is other which for this lender is usually pre foreclosure. I my mind it is a restricted appraisal based on the limited exterior inspection no matter what the purpose is. Any opinions?

 

[hastalavista]

Yes. I disagree with your conclusion that it is a restricted appraisal.
The term "restricted appraisal", which is a reporting thing, is not linked to the kind of inspection of the property, which is a SOW thing.

 

[Meandering]

USPAP
USPAP
USPAP

 

[Elliott]

If your doing a 2055 for a lending purpose, its not a restricted report.

 

[glenn walker]

Agree with the other posters this is NOT a restricted report .

 

[Ted Markow]

Thanks for the feed back

 

[Paul Isolda]

How is "other" an acceptable purpose of the appraisal? You need to know how the appraisal is being used. "other" is not an answer. When someone calls me and asks if I will do a report for them and they tell me the use of the appraisal was not given to them by the client and I am to assume it is "other" I tell them to call their client, get the right answer and get back to me. They usually get upset with me that I don't accept "other" as a use. Apparently that is because too many appraisers accept that answer.

 

[Mike Kennedy]

Thanks for the feed back

See the Appraiser's Certifications

 

[nicholz12]

Other????? and, just what is 'Other' ?????????

 

[Peter LeQuire]

Other????? and, just what is 'Other' ?????????

If it's the GSE form(s), "Other" as the assignment type is anything "other than" a purchase money mortgage or a refinance. An appraisal done as part of a portfolio evaluation or a "pre-foreclosure" would be "Other" - and the GSE form asked that "Other" be described. The type could be a HELOC or a junior lien.

I've had one occasions when someone told me the only thing my appraisal was good for would be to line the bottom of a bird cage: I asked him if he wanted me to change the report, indicatiethe assignment type as "avian sanitation" and send him the revised report.