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New appraisal

Discussion in 'Illinois' started by Mr. Lisle, Apr 27, 2011.

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  1. Mr. Lisle

    Mr. Lisle Junior Member

    0
    Dec 28, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Back in January I did an appraisal for a private party, basically for a buyout on a rental property. When I was hired I was hired by the tenants, but the landlord was an additional intended user named in the report, and the client signed a release to him. I just received a call from the landlord, who would like a new appraisal, the area has dropped quite a bit, BUT he does not want a new inspection. Things have gotten kind of ugly between him and the tenants, they got a new, lowball appraisal, and he does not want them to know anything. He is not really interested in a drive by either, the tenant is there 24/7 and very observant.... I don't know the full story, he may just want to save a buck too, but I wanted to explore my options. I did a full inspection in January, and remember Brian saying he has never seen a USPAP compliant desktop report. I have never completed a desktop report, it isn't worth my license, but in a case like, where I have seen the home recently, I was wondering if there is a way to do it. I have told the owner I would look into the options, and that I have never completed an appraisal without a new inspection, and will not do it if there is even a chance of it coming back to bite me. Is there a way to go about it and CYA? Any specific report that would need to be used?
     
  2. CANative

    CANative Elite Member

    534
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just develop an engagement letter for an appraisal assignment with no current property inspection and make him sign it. You and the client would agree that extraordinary assumptions will apply. Spell out these EA's in the engagement letter.

    You should be fine.
     
  3. Brian Weaver

    Brian Weaver Senior Member

    14
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
    CAnative is correct.
     
  4. Mr. Lisle

    Mr. Lisle Junior Member

    0
    Dec 28, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Thank you very much!
     
  5. RSW

    RSW Elite Member

    118
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I agree with the other posts. Spell out the SOW in the engagement letter and use a EA in the appraisal report. You can do this on a GP appraisal form in your software package.
     
  6. stangtime

    stangtime Senior Member

    6
    Jul 19, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    That is exactly what I would do.

    Dan
     
  7. Pat Butler

    Pat Butler Senior Member

    14
    Jan 17, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Some of the briefest appraisals can be for the owner of a property because they don't need an extensive property description because they are already familiar with the subject property. Explain this in the SOW.
     
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