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Sketch Room Labels

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Anthem

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North Carolina
Ok I know some of us draw the interior walls and some of us don't.

Fannie says we only have to if there if functional obsolescence but what about room labels ?


Is there a Fannie or other requirement about room labels?

Anyone not using room labels?
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
2007 Selling Guide

XI, 204.01: Appraisals Based on Interior and Exterior Property Inspections (11/01/05)
We require the following exhibits for appraisal reports based on interior and exterior property inspections.
A street map that shows the location of the subject property and of all comparables that the appraiser used.
An exterior building sketch of the improvements that indicates the dimensions. (For a unit in a condominium or cooperative project, the sketch of the unit must indicate interior perimeter unit dimensions rather than exterior building dimensions.) Generally, the appraiser also must include calculations to show how he or she arrived at the estimate for gross living area; however, for a unit in a condominium or cooperative project, the appraiser may rely on the dimensions and estimate for gross living area that are shown on the plat. In such cases, the appraiser does not need to provide a sketch of the unit as long as he or she includes a copy of the plat with the appraisal report. A floor plan sketch that indicates the dimensions is required instead of the exterior building or unit sketch if the floor plan is atypical or functionally obsolete, thus limiting the market appeal for the property in comparison to competitive properties in the neighborhood.
Clear, descriptive photographs (either in black and white or color) that show the front, back, and a street scene of the subject property, and that are appropriately identified. (Photographs must be originals that are produced either by photography or electronic imaging.)
Clear, descriptive photographs (either in black and white or color) that show the front of each comparable sale and that are appropriately identified. (We do not require photographs of comparable rentals and listings.) Generally, photographs should be originals that are produced by photography or electronic imaging; however, copies of photographs from a multiple listing service or from the appraiser’s files are acceptable if they are clear and descriptive.
Certification of completion or appraisal update reported on the Appraisal Update and/or Completion Report (Form 1004D) or as a letter or on another report form that provides the necessary information—if applicable.
An Operating Income Statement (Form 216) or a similar cash flow and operating income statement, if the property is an investment property (including a two-unit to four-unit property in which the applicant will occupy one unit as a principal residence). Generally, the statement may be prepared by either the applicant or the appraiser (although the applicant for a Community Living mortgage must prepare the statement). When the applicant prepares a Form 216, the appraiser’s comments on the reasonableness of the projected operating income must be included on the form. When the appraiser prepares a Form 216, the lender must make sure the appraiser has operating statements; expense statements related to mortgage insurance premiums, owners’ association dues, leasehold payments, or subordinate financing payments; and any other pertinent information related to the property.
A Single-Family Comparable Rent Schedule (Form 1007), if the property is a one-unit investment property (other than one that secures a Community Living mortgage).
Any other data—as an attachment or addendum to the appraisal report form—that are necessary to provide an adequately supported opinion of market value.


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my note:

SOW issue - refer to other client requirements as well. Most typically require Utility/ Room Labels which support the Room Utility in other sections of the Report.
 

Mike Garrett RAA

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It's typical for appraisers to "label" the rooms.
 

Susan Klimaszewski

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Jan 9, 2003
Professional Status
Licensed Appraiser
State
Texas
Sow Issue? Requirement? Come on, what possible reason could there be for not labeling the rooms if YOU in fact were the one that measured it, photographed it and is appraising it?
 

Mike Kennedy

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Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Sow Issue? Requirement? Come on, what possible reason could there be for not labeling the rooms if YOU in fact were the one that measured it, photographed it and is appraising it?


"Is there a Fannie or other requirement about room labels?"

No if report is on a Fannie unless the Client requires it or F.O.I. is exhibited. :) See above and room utility grids in report forms.
 
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Anthem

Thread Starter
Senior Member
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Mar 10, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I have always placed room labels, I am finding many appraisers are not and many banks are just fine with that.

I know when we used to do Limited Walk-Ins (2055 Interior) the order instructions clearly stated that they did not need room labels.
 

Susan Klimaszewski

Junior Member
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Jan 9, 2003
Professional Status
Licensed Appraiser
State
Texas
Mike.. I saw what you posted :) and Preston I understand that some lenders may not require them. What I am wondering is why an appraiser would elect not to put them in.

Just because they are not required is not a good reason.
 

Anthem

Thread Starter
Senior Member
Joined
Mar 10, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Mike.. I saw what you posted :) and Preston I understand that some lenders may not require them. What I am wondering is why an appraiser would elect not to put them in.

Just because they are not required is not a good reason.

They are doing it to save time, for me it would not save time because counting several bathrooms and rooms while I walk through in my head is not a good idea so that leaves making notes.
 

Webbed Feet

Elite Member
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Feb 11, 2005
Professional Status
Certified Residential Appraiser
State
Canada
To All,

I have never once in my entire career failed to label the location of rooms, kitchen, bathrooms, or even staircases. I do not believe I know an appraiser that fails to do so. Nor have I ever seen an appraisal with a sketch that failed to do so.

I believe appraisers that are not would have one serious problem of meeting the standards of their peers.

Webbed.
 

Susan Klimaszewski

Junior Member
Joined
Jan 9, 2003
Professional Status
Licensed Appraiser
State
Texas
To All,

I have never once in my entire career failed to label the location of rooms, kitchen, and bathrooms. I do not believe I know an appraiser that fails to do so. Nor have I ever seen an appraisal with a sketch that failed to do so.

I believe appraisers that are not would have one serious problem of meeting the standards of their peers.

Webbed.

My feelings exactly!
 
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