New client same property

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by DKAYTES, Jun 13, 2007.

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  1. DKAYTES

    DKAYTES Junior Member

    0
    Jun 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    I was engaged to appraise a proeprty for client A. The property is new construction and the report was done subject to completion. The borrower goes to a different mortgage company and a new assignment is generated by client B. The inspection was done and the property is completed and Client B 's report was done as-is with the new assignment.

    Here's the question:

    Client B can't get the deal done. The borrower goes back to client A and now Client A is calling for a finial inspection. Can it be done for Client A without violating USPAP under the original assignement or does it have to be a new assignment again from client A ?
     
  2. leelansford

    leelansford Elite Member

    14
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    The request for the "final inspection" from the first client is a new request for service...or maybe I'm not understanding your question?!?

    But, yes, I don't see any reason why you can't undertake a request for a "final inspection" (what with the original appraisal made "subject to completion") for the original client.
     
  3. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    I agree with Lee. You did do TWO separate appraisals for two different clients. The borrower went off to a different one so that was the second one - what do you care why? Now apparently the borrower is back at the first client, who you've already done a report. So? They have an original appraisal from you that was "subject to" and now they want (in the new assignment) a 1004D. What's the problem?
     
  4. DKAYTES

    DKAYTES Junior Member

    0
    Jun 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    Thanks guys for your input. I would think that as long as I didn't violate the Ethics rule pertaining to confidentiality I am ok. I just wanted to get another opinion. I treated the finial as a new assignement on a 442.
    Thanks for your help
     
  5. David Wimpelberg

    David Wimpelberg Moderator Staff Member Moderator

    18
    Mar 30, 2005
    Professional Status:
    Certified General Appraiser
    State:
    New York
    The appraise has to be aware of confidentiality issues, but often they are contractual. In the information given, I don't see any obvious problems.
     
  6. robert higgins

    robert higgins Member

    0
    Jul 15, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Sounds about right.

    Client A - gets client A final
    Client B - gets client B final

    Just dont give client B, client A's final

    I hope i'm right on this one, please correct if im wrong. If Client B calls for a final, go out reinspect, even if you know it is done.
     
  7. DKAYTES

    DKAYTES Junior Member

    0
    Jun 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    Thanks for all of your responses.
     
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