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Update and extra comp

Discussion in 'Urgent - Help Needed' started by Orren Eberhart, Mar 7, 2006.

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  1. Orren Eberhart

    Orren Eberhart New Member

    0
    Dec 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Underwriter has requested another comparable that has sold within the past 3 months. Original appraisal was done 6 months ago. Underwriter wants it added to original appraisal? It appears that the under writer should be informed that an extra comp cannot be added to the original due to inspection dates, sale dates, etc..... and a new report has to be performed.
     
  2. CANative

    CANative Elite Member

    60
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    That's just plain ridiculous.

    I'd tell them they need a current appraisal. I would not offer a discount just because of this stupid request.
     
  3. xm39hnu

    xm39hnu Senior Member

    0
    Jul 10, 2003
    Professional Status:
    General Public
    State:
    Florida
    Did the UW actually make that request, or is the LO telling you that the UW said it? Sounds to me like they're trying to get a current-date appraisal on the cheap. Six months is way past the 4 months Fannie allows. I'd tell'em to put the request in written form over someone's signature, and fax it to you authorizing an appropriate fee for the additional work. I'd charge about $125 for it, but that's just me.
     
  4. Orren Eberhart

    Orren Eberhart New Member

    0
    Dec 22, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Faxed request word for word

    Appraiser to supply recertification of value for the originall appraisal value or greater & one comp sold within the last 3 months to support value.
     
  5. CANative

    CANative Elite Member

    60
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Just as I suspected. They're idiots.

    While idiots can't be expected to know the minutae of appraisal lingo and appraiser requirements, they should at least have a clue.

    New appraisal. Full fee, less a dscount for not having to remeasure the house.
     
  6. Ryan Nyberg

    Ryan Nyberg Senior Member

    0
    Jan 15, 2002
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Washington
    New appraisal, new inspection, new fee, don't have to remeasure house.
     
  7. Bill Baughn

    Bill Baughn Senior Member

    0
    Mar 10, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Nevada
    Mr. Plante,

    just out of curiousity, where did you get the documentation for the "4 months Fannie allows"?
     
  8. xm39hnu

    xm39hnu Senior Member

    0
    Jul 10, 2003
    Professional Status:
    General Public
    State:
    Florida
    Selling Guide, I believe.
     
  9. Carnivore

    Carnivore Elite Member

    0
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
  10. Otis Key

    Otis Key Elite Member

    0
    May 15, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    XI, 201: Age of Appraisal (or Property Inspection) (06/30/02)
    The property must have been appraised (or inspected, if that is the level of property fieldwork recommended for a Desktop Underwriter-processed mortgage) within the 12 months that precede the date of the note and mortgage.
    When an appraisal report will be more than four months old on the date of the note and mortgage—regardless of whether the property was appraised as proposed or existing construction—the appraiser must inspect the exterior of the property and review current market data to determine whether the property has declined in value since the date of the original appraisal.

    Like Greg and some of the others said, they're looking for a cheap update; new assignment; new fee
     
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