• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

The dreaded 1065

Status
Not open for further replies.

Warren Sumner

Thread Starter
Sophomore Member
Joined
Jan 19, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Just received a message from an AMC asking on my availability to do these. For those of you who aren't familiar, it is basically a "comp search" with a signature and estimated value. Aren't these things a violation of USPAP. There is no physical inspection of the property...hmmmm... no thanks Mr. AMC; I'm not going to underwrite your clients' loans with my E&O. Have any appraisal boards or organizations taken a position on these things???
 

Jim McGrath

Junior Member
Joined
Jan 25, 2002
Professional Status
Certified Residential Appraiser
State
Florida
Just received a message from an AMC asking on my availability to do these. For those of you who aren't familiar, it is basically a "comp search" with a signature and estimated value. Aren't these things a violation of USPAP. There is no physical inspection of the property...hmmmm... no thanks Mr. AMC; I'm not going to underwrite your clients' loans with my E&O. Have any appraisal boards or organizations taken a position on these things???

Warren, when you give any kind of value, you are doing an appraisal. You can do an appraisal and give the report orally, or on a napkin. just make sure you have a full workfile with everything you would have for a regular appraisal. If you want to do it for a cheaper fee, that is your privilage. I very seldom turn down an appraisal, I just charge them what it's worth, and let them look for someone cheaper, who doesn't know USPAP.

Jim
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I received that email also but my anti-virus software would not let me open the attachments. Was I lucky?
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
The are marketing the new 1065 form so as it looks like an official fannie/freddi form... and it is not! Read the very bottom mice type, it is their form they made up. Including the cert which states that you did not inspect the property, but have knowledge that it is not being used for any other purpose other than residential. Well, how in the heck will I know that? What if it burned down, and the HO found some sucker BOA lender. :lol:

It looks like a modified 2065 with MUCH less property info and disclosures. NO THANKS. 8)
 

Red Blumenstock

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified General Appraiser
State
Florida
Anybody who uses this form had better be really familiar with the Departure Rule, SR 2-2 ©; SR 2-3 and Statement 7. Fannie and Freddie are for profit corporations. They don't have to meet USPAP. We do! The USPAP states, "it is the apprasier's responsibility . . . ."

Red
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks