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  #1  
Old 08-04-2011, 08:30 PM
bubba31 bubba31 is offline
 
Join Date: Apr 2009
State: Pennsylvania
Professional Status: Certified Residential Appraiser
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Default basic question re: amended appraisal request

Recently completed an appraisal for a bank client. After report was delivered, the bank calls and tells me the property will be subdivided prior to closing. Asking if I can amend my initial report and would the value change?

My question: Can I amend the original report with discussion of request submitted to me? Or, is this a new assignment?

A little clarification would go a long way. Thank you
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Old 08-04-2011, 09:57 PM
leelansford leelansford is offline
 
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State: Illinois
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Quote:
Originally Posted by bubba31 View Post
Recently completed an appraisal for a bank client. After report was delivered, the bank calls and tells me the property will be subdivided prior to closing. Asking if I can amend my initial report and would the value change?

My question: Can I amend the original report with discussion of request submitted to me? Or, is this a new assignment?

A little clarification would go a long way. Thank you

What was the subject property is no longer the subject property. Given this distinction, I would treat this as a new assignment. That stated, this doesn't necessarily mean that you have to start from scratch.

It's good that you ask, but, I'm sensing that you see some difficulties associated with treating this as a new assignment; am I correct in my guess?

Please satisfy my curiosity: How significant is the difference between the 'before' and the 'after'?
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Old 08-04-2011, 10:10 PM
bubba31 bubba31 is offline
 
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Quote:
Originally Posted by leelansford View Post
What was the subject property is no longer the subject property. Given this distinction, I would treat this as a new assignment. That stated, this doesn't necessarily mean that you have to start from scratch.

It's good that you ask, but, I'm sensing that you see some difficulties associated with treating this as a new assignment; am I correct in my guess?

Please satisfy my curiosity: How significant is the difference between the 'before' and the 'after'?
Lee,

while the subdivision in question will lop off roughly 40% of the parcel size, the anticpated loss in value results in only 5%.

My inclination is to treat this as a new assignment (removing the variable of possible USPAP issues ) and charging only a modest fee for my time so as not to further upset a client ( a good client). I agree with your first comment;it is a different property. I think this is the correct approach
  #4  
Old 08-04-2011, 10:44 PM
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Riick Riick is offline
 
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You will be provided with a copy of the proposed plot plan and legal description,
which will be included in the report, so there's no question about
"which 5 acres" you're appraising, and whether the house is (or is not) situated on the parcel.

.
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  #5  
Old 08-04-2011, 11:07 PM
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Terrel L. Shields Terrel L. Shields is online now
 
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Quote:
Can I amend the original report with discussion of request submitted to me? Or, is this a new assignment?
You can treat it as a new assignment. You can treat it as an extension of the existing assignment...
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  #6  
Old 08-05-2011, 11:25 AM
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CANative CANative is online now
 
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An "extension" of the existing assignment? No way.

It's a different and new appraisal. The subject property is not the same and the scope of work is completely different.

The OP will need a different legal description and may even have to revisit the site. The appraisal will require the use of a hypothetical condition and would have to be conditioned on completion of the split.

I'd charge a brand new fee with perhaps a small discount for not having to remeasure the improvements.
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