• 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.

Would You Use The 2055 For A Duplex?

Status
Not open for further replies.

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
Would you use the 2055 for a duplex in a market where there have been only two duplex sales in the last five years? Obviously there is inadequate data to complete the duplex form.

I am waiting to hear from the client about the situation. They ordered a 2055 interior without knowing it was a duplex. The borrower is living in one half of the duplex while renting out the other half.

What say you, oh sage ones of the forum?
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
You have a complex appraisal. I wouldn't use a 2055 for this type property due to the required addenda, etc. If you want to negotiate the fee, fine, but I would still use the 2-4 family form.

Roger
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
No, I would not.
But even if you did do it on a 2055, I'd bet the UW will call back requiring the income approach, income operating statement, and rent comps. Then it's back to square one.... would have been easier on the 2-4 family form.
 

Walter Kirk

Senior Member
Joined
Jun 24, 2003
Professional Status
Licensed Appraiser
State
New Jersey
NO the 2055 was never intended to be used for income properties.
 

Robert Muir

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Utah
Had a drive-by order on a duplex last month, explained it was a duplex, I appraised it several years ago, also explained that I could not complete it as a drive-by. Then they wanted a 2055 interior, still no way, finally worked the way up to the full form. Would not use any other way than a complete form, 1025 with income, etc. more work, but more pay, the others are right, they will start calling back wanting all the other data, and before long you will have done everything anyway, but at a piece-meal price. Which typically is not the full price.

Bob
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Bob....did you ever live in Colorado Springs?
 

Robert Muir

Sophomore Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Utah
Mike - No I haven't lived there yet, but did vacation there about two years ago, thought it was a wonderful place. Wish I would have been more active on this board and would have stopped by and said, "Hi" to you.
 
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