• 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.

UAD 2055 Exterior

Status
Not open for further replies.

Mike Seward

Senior Member
Joined
Jan 23, 2002
Professional Status
Certified Residential Appraiser
State
Florida
No MLS data on the subject. The UAD form forces you to apply a C1-6 and a Q1-6 rating. I don't see how this order can be accepted.

Does anyone have any ideas?
 
Tell them they need to upgrade the assignment to an interior inspection.
 
If there is not enough public data to complete the assignment then it should be upgraded to the URAR.
 
there are many reasons why an interior inspection is not possible. there should not be a problem with using an extraordinary assumption regarding the interior condition based on your observation of the exterior and available data concerning the age of the property and typical maintenance levels in your neighborhood.
 
Nothing's changed about report development with the advent of UAD: if you had enough information to do an appraisal with only an exterior inspection reported on the 2055 in August, you ought to have enough information today.

That said: the scope of work of the 2055 requires you to "obtain adequate information about the physical characteristics (including, but not limited to CONDITION, room count, gross living area, etc.) of the subject property from the exterior-only inspection and reliable public or private sources to perform this appraisal." Then, certification 10 requires you to verify from a disinterested source all information provided by persons having a financial interest in the financing of sale of the property.

Information about living area, construction, exterior features, etc. can probably be reliably be verifed from public records. Around here, room count is not uniformly reported. Assuming the property has recently appeared in MLS, that might be considered "reliable" but there's obviously an argument there. Your concern about reporting condition is a valid one.

Also, since you can't limit the scope of work, you don't have any wiggle room if anything about the property is other than what you say it is. I regularly and frequently turn down these assignments if I don't think the available information is adequate to comply with the scope of work. I do have the impression that there are enough appraisers accepting these requests that there is no reason for lenders to stop ordering them.
 
Thanks for the responses. I asked to upgrade. They said no. Can't do an EA; Fannie won't let us add any assumptions.

None of the responders addressed the fact that the 2055 UAD form forces us to apply a condition and quality rating to the subject.

As I see it it's 1004 or decline.
 
Thanks for the responses. I asked to upgrade. They said no. Can't do an EA; Fannie won't let us add any assumptions.

None of the responders addressed the fact that the 2055 UAD form forces us to apply a condition and quality rating to the subject.

As I see it it's 1004 or decline.

The quality and condition fields have always been on the 2055. What did you do before? PFA?
 
The quality and condition fields have always been on the 2055. What did you do before? PFA?

I haven't done a 2055 since October, 2005. Since the UAD form forces one to assign a Q/C rating, I won't be doing them now unless I have sufficient third party data.
 
I haven't done a 2055 since October, 2005. Since the UAD form forces one to assign a Q/C rating, I won't be doing them now unless I have sufficient third party data.

Like you had to have before, ever since the new 2055 form was released in '05?
 
Condition: AVERAGE as in: C3 or C4 -- depending
Just put your extra-ordinary assumptions about condition in the comments section.
 
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
Back
Top