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Transferring an appraisal to another client

Discussion in 'General Appraisal Discussion' started by teachme, Nov 3, 2009.

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  1. teachme

    teachme New Member

    0
    Nov 16, 2008
    Professional Status:
    IT Professional-Appraisal Related
    State:
    California
    Can someone please tell me if it is allowed to change the client on an appraisal to a new client. I know Fannie Mae allows it as long as you have a release from the lender but does USPAP?
     
  2. jmarch305

    jmarch305 Sophomore Member

    0
    Mar 28, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Per USPAP you probably shouldn't be talking to client B about the appraisal and you cannot change the client without completing a new assignment with a new scope of work, which cannot be limited to solely changing the client name. there was just a lengthy thread on this topic (I can't find it now) within the last week or so pertaining to the debate between what FHA will allow and what USPAP will allow. it all relates to this.
     
  3. Desiree Mehbod

    Desiree Mehbod Junior Member

    0
    Apr 11, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Virginia
    Please refer to ADVISORY OPINION 26 (AO-26) Readdressing (Transfering) a report to another party.

    Or go to http://www.appraisalinstitute.org/about/ethics/readdressing.aspx
     
  4. Tawfik Ahdab

    Tawfik Ahdab Senior Member

    0
    Feb 19, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    Good link given above. In addition: http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=12&DID=1110&DOC=FILE.PDF

    Go to Readdress or Transfer.


    Question:
    Is it acceptable to readdress or transfer a completed appraisal report?

    Response:
    No. Once a report has been prepared for a named client or clients, the appraiser cannot
    ‘readdress’ (transfer) the report to another party. Simply changing the client name on the
    report cannot change or replace the original appraiser-client relationship. Therefore, this
    action is misleading.

    However, you can consider the request as a new assignment. In so doing, you may
    establish a new appraiser-client relationship and appraise the property for this new client.
    Additional information can be found in Advisory Opinion 26, Readdressing
    (Transferring) a Report to Another Party. Important considerations, such as the handling
    of confidential information and other factors, are addressed in Advisory Opinion 27,
    Appraising the Same Property for a New Client."

    Do you work for an AMC?
     
  5. Webbed Feet

    Webbed Feet Elite Member

    22
    Feb 11, 2005
    Professional Status:
    Certified Residential Appraiser
    Got a reference that says Fannie "allows" that? I think you are very confused. Fannie allows a lender to assign an appraisal report to another lender. That is NOT taking the physical appraisal report and altering the client name on that report.
     
  6. Tim Hicks (Texas)

    Tim Hicks (Texas) Elite Member
    Gold Supporting Member

    38
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Be gentle everyone. Many have never been taught correctly. We are low on torches and pitchforks this week.
     
  7. leelansford

    leelansford Elite Member

    44
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Well, finally, here's something that we haven't discussed before!

    Got USPAP?

    Sorry, I couldn't help myself.



    :)
     
  8. Non Sequitur

    Non Sequitur Elite Member
    Supporting Member

    83
    Feb 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Louisiana
    Fannie does not and has never "allowed" this.
     
  9. NC Appraising

    NC Appraising Senior Member

    0
    Apr 28, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
  10. Obsolescent

    Obsolescent Senior Member

    10
    Jul 6, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    LOL. True enough. But I've got some extras in the garage should need them.
     
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