Which Form - Date Of Death Appraisal

[mike garfield]

i have an order for a date of death appraisal. do i understand correctly that i should continue to do that on the old 1004 rather than the new 1004? also, the client asked if that could be done as a drive-by, but i have always done them as walk-ins.

thank you,

mike

 

[Randy Beigh]

Mike,

If this is not going to Fannie Mae, then you can use any form or narrative that you think is best.

If it is driveby, I would use the old 2055, since the old 1004 couldn't accomodate the driveby. I assume they are asking for a driveby because the home has been sold or has a different owner. If that is true, then you probably never get in anyway. The new owner would have no incentive to let you in. If it is tenant occupied, encourage the estate to help you get in.

Since, it is a date of death appraisal, current vs date of death condition could be an issue.

 

[Dave Smith]

It can't be done on the new form. The new forms are strictly Fannie Mae & Freddie Mac forms, to be used only for mortgage loan appraisals. Read the very top line of the form as to the purpose of the report. Also read line nine and read the Intended Use and Intended User statements on the first page of the new form certification.

Do it on the old 1004 with all the USPAP CYA you need.

 

[mike garfield]

thank you. i thought we had to do it on the old form, i just wanted to make sure. we are living in a world where we have to double check ourselves constantly...especially since november 1.

mike

 

[Pamela Crowley (Florida)]

Narrative is by far the best choice.

 

[Chris Harrison]

What's the intended use?

Who is the intended user?

Then we can discuss the format.

Chris

 

[Joker]

Ditto Chris and Pam, in that order.

 

[Mike Garrett RAA]

I, personally, would not use the new URAR as it specifies for mortgage lending purposes only. I would use the old URAR.

The others are correct in saying..."ask your client the following questions".

"Who is the intended user?"

"What is the intended use?".

I prefer to use a form for a residential report; however, if you are proficient and have sufficient education and experience, you could do a narrative so long as it covers all of the standards. Unfortunately, most appraisers do not know how to produce a narrative report.

 

[Joker]

Originally posted by Mike Garrett, RAA@Nov 18 2005, 11:36 AM
Unfortunately, most appraisers do not know how to produce a narrative report.

Sadly, you are correct.

IMNSHO, one who cannot write a USPAP compliant narrative report is a form filler and not an appraiser! An appraiser can determine value AND COMMUNICATE that value. One that can't is a half-assed appraiser.

I'm ready. Everyone take your stabs at me.

 

[Annemieke Roell]

Originally posted by Doug Walker@Nov 18 2005, 10:49 AM
Sadly, you are correct.

IMNSHO, one who cannot write a USPAP compliant narrative report is a form filler and not an appraiser! An appraiser can determine value AND COMMUNICATE that value. One that can't is a half-assed appraiser.

I'm ready. Everyone take your stabs at me.

Doug, I agree with you .... I don't care WHO is going to stab ya

As a trainee and almost licensed SLA I get scared every day because the more I learn the more I realize the stuff I don't know.

As far as I am concerned there are three kinds of appraisers: Skippies, FormFillers and Real Appraisers who can appraise anything from an outhouse to the White House (and know the difference :lol: ).

I want to be in the third group.