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form 1004D

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by eltaquito, Feb 17, 2009.

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  1. eltaquito

    eltaquito Sophomore Member

    0
    Aug 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Effective date of appraisal 10/18 2008 dateof the date of signature 10/21/08. As of 2/17/2009 Lender ask to change effective date of appraisal to date of signature. Refuse to change dates. Then as for recert of value or appraisal update form 1004D.

    I researched data for the subject and the value range is now less than the $535,000 as of the effective date of value now some where in the upper $400,000 to $510,00 range with a pending sale in the building at $503,000.

    I countered I will be happy to do a 2055 drive by and the 1004D is not the proper form as the appraisal was not subject to any conditions or completions. This all happened bwtween 5 & 6 pm by the way they need it tomorrow am to get is closed.


    Any suggestions.


    Thanks.

    Michele
     
  2. fifteen

    fifteen Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Too dated - they need a new valuation, so 2055 could be the way to go. This all sounds a little hinky, 4 months later asking for an update for the same value. I'd get paid up front. Doesn't sound like it's going to close if the value dropped? Sticky situation, good luck. It's not your fault they delayed the closing so long.

     
    Last edited: Feb 17, 2009
  3. Tim Schneider

    Tim Schneider Member

    0
    Feb 8, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Wisconsin
    If you want to report this on a 1004d, go ahead. The roadmap for what you need to include is in your USPAP manual. It is really not that complicated. What you charge, is of course up to you. How much time do you have in it? I like to charge more than my plumber per hour, but it is not always possible.
     
  4. leelansford

    leelansford Elite Member

    28
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
     
  5. eltaquito

    eltaquito Sophomore Member

    0
    Aug 23, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    1004d

    Most likly the reason to move the date of the appraisal forward 3 days is to keep the appraisal less than 4 months old 10/21 to 2/21 so they can use it and not need a new appraisal.$$$$$

    Michele
     
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