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  #1  
Old 06-04-2007, 08:20 AM
Ken Lemoine Ken Lemoine is offline
 
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Default Changing Name of Borrower

I completed an appraisal for a purchase of a condominium. For whatever reason, the borrower is no longer pursuing the purchase of the condo. A new borrower is now involved and my client wants me to change the name from the old borrower to the new borrower.

I've looked thru USPAP and talked to several local appraisers, but I can not seem to get a solid answer as to whether or not we can change the name of the borrower. My understanding is that the appraisal is a legal document and as such, it can not be changed.

Can we change the name of the borrower at the request of the client?
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  #2  
Old 06-04-2007, 08:23 AM
Rick Neighbors's Avatar
Rick Neighbors Rick Neighbors is offline
 
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Default Old question

Check the archives for many answers to this question.

New lender......new request.

What you charge is your business, but careful you don't set a precedent that comes back to bite you.

Rick
  #3  
Old 06-04-2007, 08:25 AM
Ken Lemoine Ken Lemoine is offline
 
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Default

But it is not a new lender. It is the same lender, just a new borrower/buyer. I looked at the archives and did not see anything on this subject.
  #4  
Old 06-04-2007, 08:26 AM
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TEL2002 TEL2002 is offline
 
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Default

Tell them to order a new appraisal.

Give them a discount if you think it is merited.

Go back through the condo again...make sure it is still what it was.

Search for any new sales that have occurred since your last data search.

You will also need to see the new contract.
  #5  
Old 06-04-2007, 08:30 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Default

NO, you cannot just change anything.

Take a good look at the effective date of the appraisal.
WHO was the borrower as of that date?

What you MUST do is a NEW appraisal. You have a different borrower, different contract date, and unless you, that mortgage broker client, and everybody else involved want to get stipped to death and the file fully audited, you will visit the property again, have a whole different USPAP compliant workfile, find out if there are any new sales, listings, etc., and complete a whole new appraisal and report with a separate new USPAP compliant workfile and all of the liability that goes with that.

You can discount the fee as you wish, but please, for the good of all appraisers, make it worth the time, effort and liability you have.
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  #6  
Old 06-04-2007, 08:39 AM
Ken Lemoine Ken Lemoine is offline
 
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Default

That was my stance from the beginning. But it seems that some of the local appraisers do not agree.

I am going to stand firm on this. I expect to hear from the client in two hours. I told them this once before and they were appalled at my response saying it was just a way for me to make more money. I told him that I make my money selling information, not forging illegal documents.
  #7  
Old 06-04-2007, 08:39 AM
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Mike Garrett, RAA Mike Garrett, RAA is offline
 
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You could even do it for free....wouldn't that be brilliant!
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  #8  
Old 06-04-2007, 08:46 AM
Ken Lemoine Ken Lemoine is offline
 
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Default

I hate to start that trend. Afterall, appraisers have been getting the same fee for the past 20 years. As home prices keep increasing, agents, banks, brokers etc keep making more and more while we continue to do more work for the same pay.

Work for free? I don't think so. Not until I start seeing everyone doing work for free.
  #9  
Old 06-04-2007, 09:00 AM
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Lawrence R. Lawrence R. is offline
 
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Default

Quote:
Originally Posted by Ken Lemoine View Post

Work for free? I don't think so. Not until I start seeing everyone doing work for free.

My guess is you won't have to wait that long....
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  #10  
Old 06-04-2007, 09:07 AM
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Default

Is your client a lender or a mortgage broker? There is a big difference. Is this loan for Fannie/Freddie or are you really working for a lender?
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