1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

New client same property

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

Thread Status:
Not open for further replies.
  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

    45
    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

    52
    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.
     
Thread Status:
Not open for further replies.

Share This Page