construction
102) Under Construction Property Appraisal on a 2055?
06/14/07
Can the appraisal of a proposed or "under
construction" property be completed on a 2055 form?
Lisa lds54@comcast.net
Dear Lisa,
I doubt that Fannie Mae or Freddie Mac would accept a 2055 for this purpose.
I suppose that if in your Scope of Work discussion, the client insists you use the 2055 report, there is nothing in the USPAP to prevent you from doing so. However, I think that you are looking for trouble if you do. I suggest that you tell the client they can have a URAR for the same price, which hopefully will be enough to make it worthwhile to do the assignment.
H2
Lisa lds54@comcast.net
Dear Lisa,
I doubt that Fannie Mae or Freddie Mac would accept a 2055 for this purpose.
I suppose that if in your Scope of Work discussion, the client insists you use the 2055 report, there is nothing in the USPAP to prevent you from doing so. However, I think that you are looking for trouble if you do. I suggest that you tell the client they can have a URAR for the same price, which hopefully will be enough to make it worthwhile to do the assignment.
H2