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  #1  
Old 02-17-2009, 09:28 PM
eltaquito eltaquito is offline
 
Join Date: Aug 2007
Location: N. Hollywood
State: California
Professional Status: Certified Residential Appraiser
Posts: 102
Default form 1004D

Effective date of appraisal 10/18 2008 dateof the date of signature 10/21/08. As of 2/17/2009 Lender ask to change effective date of appraisal to date of signature. Refuse to change dates. Then as for recert of value or appraisal update form 1004D.

I researched data for the subject and the value range is now less than the $535,000 as of the effective date of value now some where in the upper $400,000 to $510,00 range with a pending sale in the building at $503,000.

I countered I will be happy to do a 2055 drive by and the 1004D is not the proper form as the appraisal was not subject to any conditions or completions. This all happened bwtween 5 & 6 pm by the way they need it tomorrow am to get is closed.


Any suggestions.


Thanks.

Michele
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  #2  
Old 02-17-2009, 09:35 PM
fifteen fifteen is offline
 
Join Date: Nov 2008
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,561
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Too dated - they need a new valuation, so 2055 could be the way to go. This all sounds a little hinky, 4 months later asking for an update for the same value. I'd get paid up front. Doesn't sound like it's going to close if the value dropped? Sticky situation, good luck. It's not your fault they delayed the closing so long.

Quote:
Originally Posted by eltaquito View Post
Effective date of appraisal 10/18 2008 dateof the date of signature 10/21/08. As of 2/17/2009 Lender ask to change effective date of appraisal to date of signature. Refuse to change dates. Then as for recert of value or appraisal update form 1004D.

I researched data for the subject and the value range is now less than the $535,000 as of the effective date of value now some where in the upper $400,000 to $510,00 range with a pending sale in the building at $503,000.

I countered I will be happy to do a 2055 drive by and the 1004D is not the proper form as the appraisal was not subject to any conditions or completions. This all happened bwtween 5 & 6 pm by the way they need it tomorrow am to get is closed.


Any suggestions.


Thanks.

Michele

Last edited by fifteen : 02-17-2009 at 09:41 PM.
  #3  
Old 02-17-2009, 10:20 PM
Tim Schneider's Avatar
Tim Schneider Tim Schneider is offline
 
Join Date: Feb 2007
State: Wisconsin
Professional Status: Certified Residential Appraiser
Posts: 985
Default

If you want to report this on a 1004d, go ahead. The roadmap for what you need to include is in your USPAP manual. It is really not that complicated. What you charge, is of course up to you. How much time do you have in it? I like to charge more than my plumber per hour, but it is not always possible.
  #4  
Old 02-18-2009, 09:36 AM
leelansford leelansford is offline
 
Join Date: Mar 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 13,665
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[quote=eltaquito;1766148]Effective date of appraisal 10/18 2008 dateof the date of signature 10/21/08. As of 2/17/2009 Lender ask to change effective date of appraisal to date of signature. Refuse to change dates. Then as for recert of value or appraisal update form 1004D.

I researched data for the subject and the value range is now less than the $535,000 as of the effective date of value now some where in the upper $400,000 to $510,00 range with a pending sale in the building at $503,000.

I countered I will be happy to do a 2055 drive by and the 1004D is not the proper form as the appraisal was not subject to any conditions or completions. This all happened bwtween 5 & 6 pm by the way they need it tomorrow am to get is closed.

Any suggestions...





Suggestions? Yes. The lender has a problem, don't make it your problem.

And...what's this thing about the request for the Effective Date and the Date of Signature/Date of Report being the same dates?!?!?
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Lee Lansford, IFA
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  #5  
Old 02-18-2009, 11:13 AM
eltaquito eltaquito is offline
 
Join Date: Aug 2007
Location: N. Hollywood
State: California
Professional Status: Certified Residential Appraiser
Posts: 102
Default 1004d

Most likly the reason to move the date of the appraisal forward 3 days is to keep the appraisal less than 4 months old 10/21 to 2/21 so they can use it and not need a new appraisal.$$$$$

Michele
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