forms
331) Duplex Exterior Only Appraisal
05/31/08
Dear Henry,
Can I do an exterior duplex appraisal? If so, which form should I use?
Sondi Eden sondieden@hotmail.com
Dear Sondi,
What form you use is decided by you and your client as part of the scope of work discussion. I assume from your question that the appraisal is not going to be used for a mortgage to be sold to Fannie Mae or Freddie Mac as I doubt they would accept an exterior-only appraisal. If you would normally use a Small Income Property Appraisal Report then I see no reason not to use it if it is acceptable to the client. You could also used a short form narrative or the new AI Residential Summary Appraisal Report form. Keep in mind that no matter what form you use, in order to make a "credible appraisal" which is required by the USPAP, you are going to need information about the interior of the property or base your appraisal on assumptions you make about the interior of the property which is very tricky. (Note: The USPAP does not require an interior inspection) Also remember that it is against the USPAP to make an appraisal that you think might be used to defraud someone.
H2
Can I do an exterior duplex appraisal? If so, which form should I use?
Sondi Eden sondieden@hotmail.com
Dear Sondi,
What form you use is decided by you and your client as part of the scope of work discussion. I assume from your question that the appraisal is not going to be used for a mortgage to be sold to Fannie Mae or Freddie Mac as I doubt they would accept an exterior-only appraisal. If you would normally use a Small Income Property Appraisal Report then I see no reason not to use it if it is acceptable to the client. You could also used a short form narrative or the new AI Residential Summary Appraisal Report form. Keep in mind that no matter what form you use, in order to make a "credible appraisal" which is required by the USPAP, you are going to need information about the interior of the property or base your appraisal on assumptions you make about the interior of the property which is very tricky. (Note: The USPAP does not require an interior inspection) Also remember that it is against the USPAP to make an appraisal that you think might be used to defraud someone.
H2
136) Altering Fannie Forms
10/26/07
Dear Mr. Harrison,
Is the use of any of the new Fannie Mae forms for a use other than a federally regulated mortgage a violation of USPAP? If so, what is violated?
Randy Davis rdavis7772@chartermi.net
Dear Randy,
As I have explained before, I do not believe there is anything in the USPAP covering the use of a Fannie Mae/Freddie Mac form as long as you make all the needed changes to the forms so that they fit your situation and your client is agreeable to the use of the forms in question.
You may not make any changes to the form when you do work for Fannie or Freddie using these forms, due to their Scope of Work requirements.
H2
Is the use of any of the new Fannie Mae forms for a use other than a federally regulated mortgage a violation of USPAP? If so, what is violated?
Randy Davis rdavis7772@chartermi.net
Dear Randy,
As I have explained before, I do not believe there is anything in the USPAP covering the use of a Fannie Mae/Freddie Mac form as long as you make all the needed changes to the forms so that they fit your situation and your client is agreeable to the use of the forms in question.
You may not make any changes to the form when you do work for Fannie or Freddie using these forms, due to their Scope of Work requirements.
H2