VA abbreviations "LGI"

[CindyR]

They sure don't make it easy do they? So instead of LAPP i find LGI on one of today's orders, or 1805s. I think this means a Liquidation appraisal? I sure wish they had found the time to schedule that training class. There is a sample letter in here for me to send to the homeowner but the want this back in 5 days? Good grief.

I'll keep reading but if anyone can confirm that LGI means Liquidation that would be helpful... Hopefully i will find something telling me who the intender user of the darn thing will be and what might be the intended use of an LGI...

TIA

 

[Tim Hicks (Texas)]

They sent it to the borrower by mail at the time they faxed it to you. You have five days to make three efforts to get into the property. After three, you can do a 2055. I hope you know how to do the VA liquidation addendums.

 

[Tim Hicks (Texas)]

BTW, you have just blown one day. tick, tock, tick, tock. Call the disconnected number. Visit the property, knock, leave a copy of the letter or talk your way in. Visit the property at least a third time, check to see if it is vacant. If it is vacant, you must gain access, contact the lender. tick, tock, tick, tock.

 

[Don Clark]

They sure don't make it easy do they? So instead of LAPP i find LGI on one of today's orders, or 1805s. I think this means a Liquidation appraisal? I sure wish they had found the time to schedule that training class. There is a sample letter in here for me to send to the homeowner but the want this back in 5 days? Good grief.

I'll keep reading but if anyone can confirm that LGI means Liquidation that would be helpful... Hopefully i will find something telling me who the intender user of the darn thing will be and what might be the intended use of an LGI...

TIA

Remember, the Liquidation addenda requires 3 active or pending listings. Just the information about them.

If there are needed repairs you must enumerate them, take photos of them, and estimate a cost to repair them. But, all Liquidation appraisals are "as is". If you want a sample I would be glad to send you one if you PM me.

 

[incognito]

Be careful. Different regions have different requirements. In most regions (not Florida, and some others), if the property is vacant, a 2055 is not allowed, and an interior inspection is mandatory. Also, turn time on LGI's (also SAPP's) is only 5 days, compared to 10 normal, in my region.

 

[EddieB]

Question. You might have to make three trips for interior inspection and still provide the report in 5 days? If that is correct, what is the fee?

From concerned VA roster applicant

 

[EDWARD BERRY]

Got To The VA Www.
Log In.
Print Out The 1805.
Lots Of Info On It-at Least The Address.
Some Where On The Www Are The Report Reqmts.
I Am Too Old To Remember Where.
Piece Of Cake-good Luck-you Will Survive.

 

[Tim Hicks (Texas)]

Question. You might have to make three trips for interior inspection and still provide the report in 5 days? If that is correct, what is the fee?

From concerned VA roster applicant

$400 in this area. LGI assignments are a part of the VA appraisal assignments.

 

[CindyR]

Well, an update for those who are wondering. The phone number is valid but is programmed only to accept calls from persons it wants to talk to. POC tells me their last visit shows the property to be occupied with pets, people and stuff. Tomorrow i shall drop off my letter and see if anyone wants to let me in. I sure don't want to drive back (40 miles one way) so hopefull they will agree. Will also take exterior photos and shoot comps in case we end up with that option. My instructions say to proceed with exterior if occupant refuses access.

Still don't know what LGI stands for. or LAP or SAP or ......

 

[Tim Hicks (Texas)]

Well, an update for those who are wondering. The phone number is valid but is programmed only to accept calls from persons it wants to talk to. POC tells me their last visit shows the property to be occupied with pets, people and stuff. Tomorrow i shall drop off my letter and see if anyone wants to let me in. I sure don't want to drive back (40 miles one way) so hopefull they will agree. Will also take exterior photos and shoot comps in case we end up with that option. My instructions say to proceed with exterior if occupant refuses access.

Still don't know what LGI stands for. or LAP or SAP or ......

Must document three attempts at access. You might catch them on a bad day. Beware of the occupant that asks you to come back on another day and not be there.