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  #1  
Old 10-20-2010, 01:42 PM
kevinhenley kevinhenley is offline
 
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Default Client switched from FHA to Conventional and asked to have appraised as-is

I appraised a home that has missing and some chipping paint on rear of house. Subject was built prior to 1978 so the FHA appraisal I completed was subject-to. The client asked me to switch to conventional and complete with an as-is value. Is this acceptable?
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Old 10-20-2010, 01:44 PM
Lost Cause Lost Cause is online now
 
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It is acceptable, and it's between you and your client what you might charge for this new assignment (with a different scope of work).
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Old 10-20-2010, 02:28 PM
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HF Mudd HF Mudd is offline
 
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IMO, this is acceptable if the client orders a new appraisal (as the scope of work is now different) with a new effective date, new inspection and new fee. What you charge your client is a business decision on your part.

This is NOT acceptable if they just want you to change the report you have already delivered.
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Old 10-20-2010, 03:49 PM
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zdfenton zdfenton is offline
 
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I disagree. Yes, this must be treated as a new assignment, but you do not need a new effective date and new inspection. USPAP FAQ 173 states "A new assignment does not mean that you must start from scratch. You must decide the appropriate scope of work for the new assignment. This would include a decision as to whether or not it is necessary to perform another inspection" Changing the report date, but not the effective date should be sufficient.
  #5  
Old 10-20-2010, 04:47 PM
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Terrel L. Shields Terrel L. Shields is online now
 
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Quote:
acceptable if the client orders a new appraisal (as the scope of work is now different) with a new effective date, new inspection and new fee.
wrong...although you could do it that way...
Quote:
Yes, this must be treated as a new assignment, but you do not need a new effective date and new inspection.
exactly....

And I would charge for my time to reappraise it. That's a business decision... when folks brag they can fill the form in 45 minutes, I don't know why they think they need more than that to change to report....so a modest fee of a couple hours by the hour would seem a reasonable assessment in most assignments.
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Old 10-20-2010, 05:18 PM
Eric C Eric C is offline
 
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Quote:
Originally Posted by Terrel L. Shields View Post
wrong...although you could do it that way...
exactly....

And I would charge for my time to reappraise it. That's a business decision... when folks brag they can fill the form in 45 minutes, I don't know why they think they need more than that to change to report....so a modest fee of a couple hours by the hour would seem a reasonable assessment in most assignments.


AGREE.....
  #7  
Old 10-20-2010, 05:39 PM
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If it's the same effective date, I would not charge anything more for this new assignment. The original invoiced amount would stay.
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  #8  
Old 10-20-2010, 05:56 PM
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Webbed Feet Webbed Feet is offline
 
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Hmmmm ... We should have some fun with this. Ok then, the same prior effective date is just fine and there is very little work to do. All because we have a FAQ to point to.

What if the original appraisal effective date was 10/05/2004?
  #9  
Old 10-20-2010, 06:00 PM
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Quote:
Originally Posted by zdfenton View Post
I disagree. Yes, this must be treated as a new assignment, but you do not need a new effective date and new inspection. USPAP FAQ 173 states "A new assignment does not mean that you must start from scratch. You must decide the appropriate scope of work for the new assignment. This would include a decision as to whether or not it is necessary to perform another inspection" Changing the report date, but not the effective date should be sufficient.
You're free to do so, but since I don't know the reason for the change in the assignment, and it is MY license on the line (and therefore my decision to make), I feel more comfortable performing a new inspection. If the client doesn't like it, they are free to hire another appraiser to deliver an appraisal which meets their new assignment conditions.

I guess being a jaded New Yorker has taken its toll on me.
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  #10  
Old 10-20-2010, 08:40 PM
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I don't think there's anything wrong with charging for it (I wouldn't), but I just wanted to make clear its a business decision and not a compliance issue
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