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  #1  
Old 08-12-2009, 02:39 PM
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Default Readdressal versus new assignment

If an appraisal was completed for Lender A and then a new lender asks the appraiser to appraise the same property for them does the appraiser HAVE to reinspect the subject property and report a new effective date in order to distinguish this assignment as a new assignment versus simply readdressing the appraisal?

Let's not confuse the question with things like how much time has elapsed between the first assignment and the second assignment or assignment conditions which may be different from Client A and prospective Client B. Just assume a short amount of time and no differences in appraisal requirements.
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Old 08-12-2009, 02:43 PM
Thomas Fiehler Thomas Fiehler is offline
 
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I would reinspect since it would be hard for me to convince the State that I can complte the report before I received the request. I'm not sure when the new regs go into effect that we need to notify the lender/client if we have appraised the subject in the past.
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Old 08-12-2009, 02:49 PM
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Originally Posted by Thomas Fiehler View Post
I would reinspect since it would be hard for me to convince the State that I can complte the report before I received the request. I'm not sure when the new regs go into effect that we need to notify the lender/client if we have appraised the subject in the past.
Obviously you can't complete the report prior to getting the request. That's why there are two dates in an appraisal report. The effective date (date of value and for GSE date of inspection) and then there is the date the report was signed.
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Old 08-12-2009, 03:16 PM
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USPAP does not require inspection of the subject. So the inspection issue is not the problem but rather the engagement and scope of work becomes the issue of why it is a new assignment.

"Re-addressing" will not work as Scope of Work is different for the 2 users.

"Just assume a short amount of time and no differences in appraisal requirements."

You can not assume this , as 1 value is current and the other retrospective , even with the same effective dates, the scope of work changed.

This is what will distinguish this assignment as a new assignment , not the date, or if it is inspected.
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Old 08-12-2009, 03:21 PM
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This retrospective value stuff is utter non-sense. If that's the case then an appraisal report must be completed before leaving the house. But then you still have a problem with the 20 or 30 minutes it takes to type the report.

If I inspect a property on Tuesday and finish the report Tuesday night and then Wednesday morning a different lender wants their own appraisal of the same property are you telling me I have to drive back out and reinspect the property to avoid "readdressing" or completing a "retrospective" appraisal?
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Old 08-12-2009, 03:29 PM
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This retrospective value stuff is utter non-sense. If that's the case then an appraisal report must be completed before leaving the house. But then you still have a problem with the 20 or 30 minutes it takes to type the report.

If I inspect a property on Tuesday and finish the report Tuesday night and then Wednesday morning a different lender wants their own appraisal of the same property are you telling me I have to drive back out and reinspect the property to avoid "readdressing" or completing a "retrospective" appraisal?
As to the question your original post: No, USPAP does not require a new inspection.

As to what is "current" and what is "retrospective", the USPAP does not clearly define the two. But, in your example above, I would consider the 2nd request as a request for a "current" appraisal (being certain to have written instructions from the client that the client will accept the appraisal with the effective date coming before the date of request; and, including this condition of the assignment within my report of the appraisal).
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  #7  
Old 08-12-2009, 03:31 PM
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Greg, why the question? If I get a request from a different lender, no matter what, I report a new effective date of the assignment. Assuming the SOW is for an interior inspection, then I would also comply with that.
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  #8  
Old 08-12-2009, 03:31 PM
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Uh, it's Retrospective to the date of acceptance of assignment / Engagement.
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Old 08-12-2009, 03:42 PM
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William... Sorry. Didn't mean to post a harsh sounding response.

Quote:
Greg, why the question?
A certain appraiser on a different forum is trying to convince mortgage brokers that an appraisal of the same property for a different client requires a new property inspection or else it's a readdressal.
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Old 08-12-2009, 03:44 PM
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Thank you Lee.
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