What is a 2055 E appraisal

2055 is a Fannie Mae form number. This form is to report the results of a "drive by" appraisal. Basically this means that an appraiser will not inspect the interior of the home but will drive by the property take a couple of exterior photos and complete an appraisal analysis based on an extraordinary assumption about the interior. A certain level of data collection is required on these types of assignments. It would not be adequate for an appraiser just to guess at the condition of the interior but within this scope of work, may rely on data from multiple listing services, tax assessors data, prior appraisals, or even a phone interview with the homeowner.

My experience with these types of reports has been for a second opinion of value or for home equity loans/lines of credit when there is a lower Loan to Value ratio.

I hope this helps answer your question.

Thank you so much for your reply. Exactly what I was looking for!
DW

Only the answer by Apexoffice is incorrect in one regard. The preprinted SOW on the 2005 forms does NOT allow the addition of Extraordinary Assumptions, or ANY assumptions without the use of check box four in the final reconciliation section. And that then requires an inspection be made. Hence, the appraiser may make NO assumptions regarding the interior and MUST have reliabile information on the interior or no exterior only 2055 based assignment may be completed.

nice post, webbed, but not particularly helpful to the common layperson. what you're talking about is technical jargon. i pray it hasn't confused anyone who dropped by to read this.