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Retrospective Purchase Appraisal

Discussion in 'General Appraisal Discussion' started by zdfenton, Oct 11, 2010.

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  1. zdfenton

    zdfenton Junior Member

    2
    Nov 13, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Wisconsin
    We have a request to do an appraisal, as a purchase transaction, for a purchase that has already been consummated and closed two months ago. The original appraisal (which is now more than 120 days old) was done for a correspondent lender who closed on the loan, and now are trying to sell it to a secondary investor, who wants a new appraisal because the original appraisal expired between its completion for the correspondent lender and the investor's buying of the loan.

    Is there any way to do this except as a retrospective appraisal? They want it as a current appraisal but retrospective is the only option I see.
     
  2. Calvin the Airedale

    Calvin the Airedale Elite Member
    Gold Supporting Member

    0
    Aug 17, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Ohio
    If you appraise it retrospectively to 120 days ago it will be worthless for the intended use.

    Just appraise it as of a current date. Report the listing and recent sale history as for any assignment. Analyze the purchase contract as you would for any purchase appraisal, judging its reasonableness in comparison to the MV you've opined as of a current date.

    Try not to make things more complicated than need be.
     
  3. David Mescon

    David Mescon Senior Member

    4
    Nov 12, 2009
    Professional Status:
    Retired Appraiser
    State:
    California
    I agree with Calvin's opinion, however, I would do it how the client wants it done. What did they ask for?
     
  4. AlwaysLearning

    AlwaysLearning Member

    0
    Apr 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Why a retrospective appraisal??? :unsure:


    Have the market conditions changed since the original appraisal?
    and/or
    Have the subject property’s characteristics changed since the original appraisal?
     
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