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Restricted Appraisal

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Ted Markow

Thread Starter
Junior Member
Joined
Nov 14, 2003
Professional Status
Licensed Appraiser
State
New Hampshire
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

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
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.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
If your doing a 2055 for a lending purpose, its not a restricted report.
 

glenn walker

Elite Member
Joined
Oct 11, 2006
Professional Status
Certified Residential Appraiser
State
California
Agree with the other posters this is NOT a restricted report .
 

Ted Markow

Thread Starter
Junior Member
Joined
Nov 14, 2003
Professional Status
Licensed Appraiser
State
New Hampshire
Thanks for the feed back
 

Paul Isolda

Senior Member
Joined
May 20, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
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.
 

nicholz12

Senior Member
Joined
Sep 7, 2008
Professional Status
Licensed Appraiser
State
Massachusetts
Other????? and, just what is 'Other' ?????????
 

Peter LeQuire

Elite Member
Joined
Jan 3, 2005
Professional Status
Retired Appraiser
State
Tennessee
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.
 
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