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When is the appraisal report finished?

Discussion in 'Urgent - Help Needed' started by Wayne Henry, Oct 27, 2011.

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  1. Wayne Henry

    Wayne Henry Junior Member

    3
    Nov 17, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I received a message from one of my clients today regarding an appraisal report that I completed last month. The request asked me to change the old report to "subject to" from "as-is" and attached to the email was plans for new windows. I thought that when the report leaves the office it is done and over with unless you have to add a sale or commentary, am I wrong? I told them they would have to order a new report so lets see what happens.
     
  2. residentialguy

    residentialguy Elite Member

    181
    Mar 24, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Minnesota
    you're right. You can't change an old report. Do a final...that is essentially turning the old report to an as-is report.
     
  3. Scott R Marshall

    Scott R Marshall Senior Member

    0
    Dec 14, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Were you initially told to value the subject as if it had new windows? If not, not only is their request not valid but by changing the report you are potentially making your initial opinion of value invalid. Was the subject possibly worth more with new/upgraded windows as opposed to what it had? It is a new assignment, period. What you decide to charge for it is a business decision.
     
  4. PropertyEconomics

    PropertyEconomics Elite Member

    1
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    If the scope of the assignment changes, as in the case of the OP, it is a new assignment with a new scope of work.
     
  5. Lee in L.A.

    Lee in L.A. Elite Member

    274
    Jan 24, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Unless that was part of the original order, new appraisal, like they said +1. :peace:
     
  6. Cob

    Cob Member

    5
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    When does it end? Are they going to call you in month and say they are getting a new roof and then a month later they are updating the baths or kitchen?:shrug:
     
  7. AnonApprsr

    AnonApprsr Elite Member

    0
    Jan 21, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Massachusetts
  8. Blueprint

    Blueprint Senior Member

    27
    Aug 25, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Oregon
    It is up to you as to how you want to handle it, yet unless it was a condition in the original appraisal order, it needs to be treated as a new assignment with a new scope of work.
     
  9. Mike Kennedy

    Mike Kennedy Elite Member

    479
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    "The request asked me to change the old report to "subject to" from "as-is" and attached to the email was plans for new windows."

    See USPAP 2010-2011 FAQs

    111, 130, 170, 171, 173
     
    Last edited: Oct 28, 2011
  10. incognito

    incognito Senior Member

    1
    Jul 14, 2005
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    Yes, but definitely a new scope of work and a new appraisal assignment. Do it for free if you want, but make sure you have all of the USPAP required information in the NEW appraisal file for the NEW appraisal assignment!
     
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