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  #1  
Old 04-27-2011, 05:44 PM
Mr. Lisle Mr. Lisle is offline
 
Join Date: Dec 2005
Location: Chicago, IL
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 444
Default New appraisal

Back in January I did an appraisal for a private party, basically for a buyout on a rental property. When I was hired I was hired by the tenants, but the landlord was an additional intended user named in the report, and the client signed a release to him. I just received a call from the landlord, who would like a new appraisal, the area has dropped quite a bit, BUT he does not want a new inspection. Things have gotten kind of ugly between him and the tenants, they got a new, lowball appraisal, and he does not want them to know anything. He is not really interested in a drive by either, the tenant is there 24/7 and very observant.... I don't know the full story, he may just want to save a buck too, but I wanted to explore my options. I did a full inspection in January, and remember Brian saying he has never seen a USPAP compliant desktop report. I have never completed a desktop report, it isn't worth my license, but in a case like, where I have seen the home recently, I was wondering if there is a way to do it. I have told the owner I would look into the options, and that I have never completed an appraisal without a new inspection, and will not do it if there is even a chance of it coming back to bite me. Is there a way to go about it and CYA? Any specific report that would need to be used?
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  #2  
Old 04-27-2011, 06:33 PM
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CANative CANative is offline
 
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Location: Hopland, CA
State: California
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Just develop an engagement letter for an appraisal assignment with no current property inspection and make him sign it. You and the client would agree that extraordinary assumptions will apply. Spell out these EA's in the engagement letter.

You should be fine.
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  #3  
Old 04-27-2011, 06:46 PM
Brian Weaver Brian Weaver is offline
 
Join Date: Apr 2005
Location: Chicago area
State: Illinois
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 2,515
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Quote:
Originally Posted by CANative View Post
Just develop an engagement letter for an appraisal assignment with no current property inspection and make him sign it. You and the client would agree that extraordinary assumptions will apply. Spell out these EA's in the engagement letter.

You should be fine.
CAnative is correct.
  #4  
Old 04-27-2011, 06:48 PM
Mr. Lisle Mr. Lisle is offline
 
Join Date: Dec 2005
Location: Chicago, IL
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 444
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Quote:
Originally Posted by Brian Weaver View Post
CAnative is correct.
Thank you very much!
  #5  
Old 04-27-2011, 06:49 PM
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RSW RSW is offline
 
Join Date: Feb 2002
State: Tennessee
Professional Status: Certified Residential Appraiser
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I agree with the other posts. Spell out the SOW in the engagement letter and use a EA in the appraisal report. You can do this on a GP appraisal form in your software package.
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  #6  
Old 04-27-2011, 07:03 PM
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stangtime stangtime is offline
 
Join Date: Jul 2009
Location: Lusby
State: Maryland
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by CANative View Post
Just develop an engagement letter for an appraisal assignment with no current property inspection and make him sign it. You and the client would agree that extraordinary assumptions will apply. Spell out these EA's in the engagement letter.

You should be fine.
That is exactly what I would do.

Dan
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  #7  
Old 04-28-2011, 12:19 AM
Pat Butler Pat Butler is offline
 
Join Date: Jan 2002
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 3,992
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Some of the briefest appraisals can be for the owner of a property because they don't need an extensive property description because they are already familiar with the subject property. Explain this in the SOW.
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