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 03-17-2006, 12:57 PM
Tavia Placella's Avatar
Tavia Placella Tavia Placella is offline
 
Join Date: Oct 2005
Location: ME
State: Maine
Professional Status: Licensed Appraiser
Posts: 42
Cool New Lender/New assignment/effective date

I did an inspection for a property 2/21/06 for a lender and last minute the borrower changed lenders. The borrower had a copy of my appraisal I completed on behalf of the first lender and gave to to the second lender and closed (purchase & sale) on 3/10/06. I was requested to transfer the appraisal to the new lender, which I said would have to be a new assignment/report. I got the request from second lender on 3/16/06. My question is this: Since I originally inspected the property on 2/21/06, can I use that date as the effective date and sign it as of 3/17/06? Or re-inspect the property with a new effective date and disclose that it is for a purchase transaction (however, it already closed on 3/10/06)?? Any thoughts?
Any help on this would be greatly appreciated!
Sponsored Links

  #2  
Old 03-17-2006, 01:07 PM
George Hatch's Avatar
George Hatch George Hatch is offline
 
Join Date: Jan 2002
Location: Carlsbad, California
State: California
Professional Status: Certified General Appraiser
Posts: 16,809
Default

Quote:
Since I originally inspected the property on 2/21/06, can I use that date as the effective date and sign it as of 3/17/06?
If that works for the intended users of this workproduct it should be no problem.

I wouldn't make any assumptions about what works for them, though. Make sure you clear it with them first before you submit the report. It would really hurt to have to make a free trip to reinspect after you'd already completed your report and moved on.
  #3  
Old 03-17-2006, 01:14 PM
Tavia Placella's Avatar
Tavia Placella Tavia Placella is offline
 
Join Date: Oct 2005
Location: ME
State: Maine
Professional Status: Licensed Appraiser
Posts: 42
Thumbs up

Thank you for your speedy response.
  #4  
Old 03-17-2006, 08:14 PM
Brad Ellis Brad Ellis is offline
 
Join Date: Feb 2006
State: California
Professional Status: Certified Residential Appraiser
Posts: 2,551
Default

Tavia,

Ditto to what George said. Now you have 2 USPAP instructors' free advice!

Brad
  #5  
Old 03-17-2006, 08:37 PM
Denis DeSaix Denis DeSaix is offline
 
Join Date: May 2005
Location: Northern California
State: California
Professional Status: Certified General Appraiser
Posts: 15,189
Default

Tavia-

You have a somewhat interesting situation. For simplicity, let’s call your original client Lender A and the client who closed the purchase and now requests your signed appraisal in their name as Lender B.

Lender A ordered the appraisal that you completed on 2/21/06. Since Fannie’s certifications require the inspection date and effective date to be the same, the effective date of the appraisal is 2/17/06.

The borrower decides not to close with Lender A, but chooses Lender B. The borrower gives Lender B a copy of your appraisal, and they use it to close the deal. Lender B has accepted an appraisal originally completed for Lender A; if they are federally regulated banks, they can do this. Now, Lender B wants you to provide them with their own copy of the appraisal report that, I assume, they want in their name. The house has closed (3/10/06), and the purchase appraisal would be “after the fact”. What can you do?
  • First, you don’t have to do anything. You could simply decline and they’ll have to live with the fact that they made a loan using someone else’s appraisal. I don’t know why you would want to do this, but it is an option.
  • You are correct that it is a new assignment.
  • You could do the report with a current date: however, that becomes tricky. Is it still a purchase appraisal? Maybe this falls under the “other” category? It wouldn’t be a refi appraisal (unless their going to re-issue another loan). I think it becomes an “other” appraisal; it is still for a mortgage finance transaction, but it is not a purchase or refi. Also, most lenders will want their purchase appraisal to be dated before the actual close of the escrow/funding. However, since they’ve already made the loan, this may not be an issue.
  • Can you now do the purchase assignment AFTER THE FACT for a new client that wasn’t the intended client of your original appraisal report? Good question. Is the intended use the same? I’m not sure; they’ve already made the loan, so it still falls under the “other” category as far as I’m concerned. New intended use, new assignment, no retrospective dates using the new form, new effective date.
Maybe George or Brad can come back and tell us which way to go (or maybe they’ll just say I have too much time on my hands!)?
  #6  
Old 03-19-2006, 09:45 PM
Tony V's Avatar
Tony V Tony V is offline
 
Join Date: Mar 2005
Location: East Hopland, Suffolk County, NY
State: New York
Professional Status: Certified Residential Appraiser
Posts: 5,093
Default

Please be sure to at least do a walk-thru of the subject for the new assignment........I had done an observation on January 12, 2006 of a large dwelling in an expensive area.secondary homes.......values over 3 mill plus....recieved an order for the same property......last week....made the call to the borrower...set up the walk-thru for last Saturday...got there at 10am and found that pipes had burst on the second level and had created some damage...ceilings had fallen, carpets soaked sheetrock etc....
__________________
Some of us know the real story behind the phoney on the White Horse..
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 04:15 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