• 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.

What are diagram requirements for a 2055??

Status
Not open for further replies.

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
For years I've been just doing exterior dimensions,
labeling the floors and garage....that's it.

From time to time some companies will ask for
room locations (one even asked for room
partitions), after I'd finished the report. Grrrrr.

What is the 'exact' FNMA requirement?

I just had a request for a 2055 with no location
map, no comp photos, and no sketch. It gets
curiousier and curiousier.

elliott
 

Tony Lehn

Junior Member
Joined
Oct 28, 2002
Professional Status
Certified Residential Appraiser
State
Indiana
Anytime I'm let into a house for the walk through, I do a sketch that includes exterior measurements, including garage, and room locations. I do that on ALL sketches. Have never had a problem with an UW request.

On the request you just recieved, I'ld do the exact same thing as above. If they don't want to see it in the report, keep it in the workfile. Besides do yo really trust your assessor to give you exact square footage? I don't, I trust myself.
 

Rob Bodkin

Junior Member
Joined
Nov 9, 2002
Professional Status
Certified Residential Appraiser
State
Washington
For us this depends on the client's needs and level of inspection.

If we inspect the interior, we will measure the home and indicate room locations in the interior. We NEVER sketch out the interior walls, regardless of the form. Nor do we break out square footage for each individual room, only for each level, basement, garage, etc..

If the client request an exterior only inspection, we do not measure and rely on the county records for square footage. Even though we completely walk the site and take pictures all around, we are not comfortable with indicating square footage that we have not actually "seen".

If we have an exterior only job and the home looks significantly different on site than county led us to believe, perhaps a newer addition or whatever, we call the client and discuss the scope of the report and end up going inside.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
Elliot:
Working from imperfect memory here,
Someone please search and give him the exact Fannie quote:
~~~~~~
Interior wall sketches are required only to show adverse functional issues (if any are present), exterior walls are required.
~~~~~~


Cleint secondary requirements can be imposed.

You have the right to charge extra if said secondary requirements were not disclosed until after submission of a 'industry standard' report... but it is up to you to decide if or for how much extra you want to sell your business time.

I limit most of my charitable activites to tax-deductable organizations or REALLY good causes :twisted:
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
I'm with Tony. Every house I measure and go into, gets a sketch; 1004, 2055 or whatever. The sketch is the exterior dimensions with the rooms name located on the sketch in their approximate location. I label the attached garage location and deck locations but no drawing. Only the living space gets drawn.

I used to do a very detailed drawing with doors, walls, closets, garages, breezeway's et al. Now it is just room names in their location on the exterior dimensions. Nobody has ever complained in over 3 years.
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Scope of the work!

The client can say....."we don't want thus and so".

A sketch is not required for a 2055 appraisal report. That said, I do them on any property where I do an interior inspection. Exterior (perimeter) measurements to support my square footage calculations. These can be quite simple or complex depending on the appraiser and how much time you have to spend.

LeAnn..you are right, interior walls if there is a functional problem. It is not in the Property and Appraisal Analysis booklet (1994).
 

Phil Rice

Member
Joined
Apr 22, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
There are 2 reasons (that I know of) to request a "drive by".

1) To save money on my fee, for example on a low risk loan.
2) Access is not available, for example a hostile divorce.

When I do a URAR inspection, I always measure and sketch interior and exterior walls. A typical inspection takes me 1 hour, with more than half of that time spent on the sketch. If I do a sketch, I charge the full fee, period.

If my client wishes to save money, I save time by skipping the measure and sketch of the subject, and do a 2055. My 2055 interior inspection usually takes about 10 minutes (I call it a "walk thru"). I have never provided any kind of sketch on a 2055, and I have never had a complaint.

My level of effort on market research is the same for 2055 and URAR, but I may do less work on the DOCUMENTATION of the research and analysis. For example, I would never put a 4th comp on a 2055 report.

On a 2055, I call it the way I see it, make whatever adjustments I think are appropriate, give a brief explanation, and then I am done. For example, if the subject looked bigger or smaller than the Assessor's record, I would not hesitate to take my best guess at the size, and use that figure. The point is that this is a low risk loan, with limited documentation requirements.

If a client orders a drive by in a hostile divorce, I do not trespass on the property, so I do not measure and I do not do a sketch. I would make every effort to get the value exactly right, and document my research and analysis to the very best of my ability, as if my report might wind up in court and I might have to defend what I did. If my value is used to settle the divorce, every dollar that I miss the "correct" value is a real dollar out of someone's pocket, so I try to get it right. I would charge accordingly, meaning at least a full URAR fee.
 

rtubbs

Junior Member
Joined
Jan 15, 2002
From Fannie Mae Selling Guide:

If Desktop Underwriter recommends both an interior and exterior inspection of the property-using either the Desktop Underwriter Quantitative Analysis Appraisal Report (Form 2055) or the Desktop
Underwriter Individual Cooperative Interest Appraisal Report (Form 2095)-we require all of the same exhibits that are used to support the appraisal forms for manually underwritten mortgages (as discussed
in Section 204.01 above).

Tells me a sketch is required for an interior inspection.
 

Farm Gal

Elite Member
Joined
Jan 14, 2002
Professional Status
Licensed Appraiser
State
Nebraska
" a sketch " or a sketch showing interior walls?

My memory says "only to illustrate functional problem"

But I want FACT: Source, page and paragraph!
I am so frustrated looking for MY MIA annotated Fannie guide:evil: I even went and exhumed hubbys desk (to no avail :evil: :evil: )
I guess I get to print a new one out and start marking it up...~snarl~ :!:
 

rtubbs

Junior Member
Joined
Jan 15, 2002
Lee Ann, per the Selling Guide:

Section 204.01 – Manually Underwritten Mortgages
Unless we specify otherwise, we require the following exhibits for any appraisal report that is used for a manually underwritten mortgage:
• 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 must also 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.);

Keep the guide (and other important documents) on your desktop as a a shortcut (pdf file); you'll never lose it again.
 
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