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  #1  
Old 10-11-2010, 02:40 PM
zdfenton's Avatar
zdfenton zdfenton is offline
 
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Default Retrospective Purchase Appraisal

We have a request to do an appraisal, as a purchase transaction, for a purchase that has already been consummated and closed two months ago. The original appraisal (which is now more than 120 days old) was done for a correspondent lender who closed on the loan, and now are trying to sell it to a secondary investor, who wants a new appraisal because the original appraisal expired between its completion for the correspondent lender and the investor's buying of the loan.

Is there any way to do this except as a retrospective appraisal? They want it as a current appraisal but retrospective is the only option I see.
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Old 10-11-2010, 03:09 PM
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Calvin the Airedale Calvin the Airedale is offline
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Quote:
Originally Posted by zdfenton View Post
We have a request to do an appraisal, as a purchase transaction, for a purchase that has already been consummated and closed two months ago. The original appraisal (which is now more than 120 days old) was done for a correspondent lender who closed on the loan, and now are trying to sell it to a secondary investor, who wants a new appraisal because the original appraisal expired between its completion for the correspondent lender and the investor's buying of the loan.

Is there any way to do this except as a retrospective appraisal? They want it as a current appraisal but retrospective is the only option I see.
If you appraise it retrospectively to 120 days ago it will be worthless for the intended use.

Just appraise it as of a current date. Report the listing and recent sale history as for any assignment. Analyze the purchase contract as you would for any purchase appraisal, judging its reasonableness in comparison to the MV you've opined as of a current date.

Try not to make things more complicated than need be.
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  #3  
Old 10-11-2010, 03:28 PM
David Mescon David Mescon is online now
 
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I agree with Calvin's opinion, however, I would do it how the client wants it done. What did they ask for?
  #4  
Old 10-11-2010, 04:09 PM
AlwaysLearning AlwaysLearning is offline
 
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Originally Posted by zdfenton View Post
We have a request to do an appraisal, as a purchase transaction, for a purchase that has already been consummated and closed two months ago. The original appraisal (which is now more than 120 days old) was done for a correspondent lender who closed on the loan, and now are trying to sell it to a secondary investor, who wants a new appraisal because the original appraisal expired between its completion for the correspondent lender and the investor's buying of the loan.

Is there any way to do this except as a retrospective appraisal? They want it as a current appraisal but retrospective is the only option I see.
Why a retrospective appraisal???


Have the market conditions changed since the original appraisal?
and/or
Have the subject property’s characteristics changed since the original appraisal?
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