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Review A URAR With A 2055?

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Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Here's the deal. I get a call from a appraisal review company. They ask for a 2055 on a house. Thought nothing of it. Then they send me the first page of a URAR that appears to have been done about 5 months ago. The Appraiser was a our local number hitter!

Make me wonder if they might be having me do this as a way to double check the original appraisal? Ever hear of this?
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Jeff,


The order is for an APPRAISAL or for a REVIEW?

I think you said they wand an APPRAISAL doenon a 2055 form. If so, do it and make no comment on the other fellows apparisal (the one page you got).

Remember...a REVIEW is not an appraisal until and unless you give a value.

Many lenders coontinue ordering a Review when thay really want another value opinion (an appraisal)
 

Randy Beigh

Senior Member
Joined
Jan 16, 2002
Jeff

Bob is not the only one confused.

I think it is faily common to order a 2055 driveby with the lender sending the front page of an old 1004 report so the appraiser has some knowledge of the subject property. If that is the case, then using the data from the old report can be a logical thing to do, just disclose where you got your data from.

It does not sound like you are doing a review, but a new appraisal. If you are doing an interior inspection, then I do not know why they sent you the front page of the old report.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Jeff,
Yes, I get a lot of those request too. They are just ordering a 2055 instead of a review. If you think the data provided by the client is more accurate than public records, use it in the report, and check the little box that indicates data provided by client. No big deal, just do a drive by.
 

Jeff Horton

Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Alabama
Originally posted by M Leggett@May 30 2003, 01:19 PM
No big deal, just do a drive by.
I am because that is what they asked for.

Just wondering if they are going to compare mine against Mr. Number Hitters. Of course with way rates are dropping it may be just a re-fi. It just struck me as odd that the other appraisal is only 5 months old AND Mr. Number hitter did it. Maybe just wishful thinking on my part that someone is on to him and actually cares! I can always hope.
 

Ghost Rider

Senior Member
Joined
Apr 27, 2003
Professional Status
Banking/Mortgage Industry
State
Connecticut
I've seen it too.........I usually put a HUGE disclaimer on the report to make sure everyone knows that the data in the report is coming from another appraisal, which is being done at the request of the lender........that it has not been verified from an interior inspection of the dwelling, and may differ from an independant source, I.E. public records, and that the appraiser reserves the right to update his opinion of value pending a full interior inspection of the subject property.
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Maybe just wishful thinking on my part that someone is on to him and actually cares! I can always hope.

Is this the bank/broker or the investor asking for a 2055? They may suspect something is up, but my experience is that unless it's an investor that really cares, they won't take action against Mr. Number Hitter. You know how it goes, he's too valuable for loan closings. :rolleyes:
 

Joshua Fookes

Junior Member
Joined
Jan 15, 2003
Professional Status
Certified General Appraiser
State
California
it's possible the guy is doing another refi with the same lender. We've done some properties multiple times in the past 1 1/2 years because of the crazy "it won't get any lower" rates. When they get lower, people want to refi again. The lender might just want to verify that what they know about the place (that it is still standing, etc.).
 

Blue1

Elite Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Jeff,

Could be the number hitter got a bad desk review (Reviewer may have checked the box that states "have another appraisal done") in any case, I'd treat it as a new assignment. I'd look over the old report and compare the data with my own independently gathered data (just to see how bad the original appraisal was :twisted: ) but I'd do my own assignement.....and charge accordingly of course......
 

Ted Martin

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified General Appraiser
State
Kansas
Since I don't do reviews anymore when a client calls for one I offer to do a driveby on a 2055. Since most clients want a value stated in the review their reviews are driveby appraisals with comments on someone elses report writing skills anyway. Why not just give them the number and skip the aggrivation of reading a report that will likely make you mad. Besides darn few lenders / clients really will pay a fair fee for a review. What they really want to know is the number so they have an idea how far out on the lending limb they are.
 
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