Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 03-07-2006, 07:06 PM
Orren Eberhart Orren Eberhart is offline
 
Join Date: Dec 2003
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 14
Default Update and extra comp

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.
Sponsored Links

  #2  
Old 03-07-2006, 07:11 PM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,909
Default

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  
Old 03-07-2006, 07:13 PM
xm39hnu xm39hnu is offline
 
Join Date: Jul 2003
State: Florida
Professional Status: General Public
Posts: 4,338
Default

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  
Old 03-07-2006, 07:21 PM
Orren Eberhart Orren Eberhart is offline
 
Join Date: Dec 2003
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 14
Default 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  
Old 03-07-2006, 07:26 PM
CANative's Avatar
CANative CANative is offline
 
Join Date: Jun 2003
Location: Ukiah, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 46,909
Default

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  
Old 03-07-2006, 08:59 PM
Ryan Nyberg's Avatar
Ryan Nyberg Ryan Nyberg is offline
 
Join Date: Jan 2002
Location: Washington
State: Washington
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 4,162
Default

New appraisal, new inspection, new fee, don't have to remeasure house.
  #7  
Old 03-08-2006, 03:02 AM
Bill Baughn's Avatar
Bill Baughn Bill Baughn is offline
 
Join Date: Mar 2004
Location: Las Vegas, southern Nevada
State: Nevada
Professional Status: Certified Residential Appraiser
Posts: 1,062
Question

Quote:
Originally Posted by Jim Plante
Six months is way past the 4 months Fannie allows.
Mr. Plante,

just out of curiousity, where did you get the documentation for the "4 months Fannie allows"?
  #8  
Old 03-08-2006, 07:22 AM
xm39hnu xm39hnu is offline
 
Join Date: Jul 2003
State: Florida
Professional Status: General Public
Posts: 4,338
Default

Quote:
Originally Posted by Bill Baughn
Mr. Plante,

just out of curiousity, where did you get the documentation for the "4 months Fannie allows"?
Selling Guide, I believe.
  #9  
Old 03-08-2006, 07:38 AM
Carnivore's Avatar
Carnivore Carnivore is online now
 
Join Date: Jan 2002
Location: Queen City
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 12,761
Default

Quote:
Originally Posted by Jim Plante
Selling Guide, I believe.
Yes, thats correct:

http://www.allregs.com/efnma/doc/?dv...xi-ch-2/xi-201
  #10  
Old 03-08-2006, 07:41 AM
Otis Key's Avatar
Otis Key Otis Key is offline
 
Join Date: May 2004
Location: Mile High
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 15,970
Default

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
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 09:57 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93