Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Urgent - Help Needed
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 10-27-2011, 04:46 PM
Wayne Henry's Avatar
Wayne Henry Wayne Henry is offline
 
Join Date: Nov 2003
Location: Maryland
State: Maryland
Professional Status: Certified Residential Appraiser
Posts: 356
Default When is the appraisal report finished?

I received a message from one of my clients today regarding an appraisal report that I completed last month. The request asked me to change the old report to "subject to" from "as-is" and attached to the email was plans for new windows. I thought that when the report leaves the office it is done and over with unless you have to add a sale or commentary, am I wrong? I told them they would have to order a new report so lets see what happens.
Sponsored Links

  #2  
Old 10-27-2011, 05:10 PM
residentialguy's Avatar
residentialguy residentialguy is offline
 
Join Date: Mar 2009
State: Minnesota
Professional Status: Certified Residential Appraiser
Posts: 14,172
Default

you're right. You can't change an old report. Do a final...that is essentially turning the old report to an as-is report.
__________________
Due diligence doesn't mean you get all the answers...it means you've done your job!
  #3  
Old 10-27-2011, 05:29 PM
Scott R Marshall's Avatar
Scott R Marshall Scott R Marshall is offline
 
Join Date: Dec 2006
Location: Rio Rancho, NM
State: New Mexico
Professional Status: Certified Residential Appraiser
Posts: 2,473
Default

Were you initially told to value the subject as if it had new windows? If not, not only is their request not valid but by changing the report you are potentially making your initial opinion of value invalid. Was the subject possibly worth more with new/upgraded windows as opposed to what it had? It is a new assignment, period. What you decide to charge for it is a business decision.
  #4  
Old 10-27-2011, 06:41 PM
PropertyEconomics's Avatar
PropertyEconomics PropertyEconomics is offline
 
Join Date: Jun 2007
Location: Central New Mexico
State: New Mexico
Professional Status: Certified General Appraiser
Posts: 18,755
Default

If the scope of the assignment changes, as in the case of the OP, it is a new assignment with a new scope of work.
__________________
Foxtrot, Uniform, Charlie, Kilo Cancer ... In memory of our friend Bill Waite!
  #5  
Old 10-27-2011, 08:06 PM
Lee in L.A.'s Avatar
Lee in L.A. Lee in L.A. is offline
 
Join Date: Jan 2002
Location: Los Angeles / Reseda, CA
State: California
Professional Status: Certified Residential Appraiser
Posts: 7,871
Default

Unless that was part of the original order, new appraisal, like they said +1.
__________________
Reach out your hand, if your cup is empty.
if your cup is full, may it be again.
  #6  
Old 10-27-2011, 09:18 PM
Cob's Avatar
Cob Cob is offline
 
Join Date: Mar 2006
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 857
Default

When does it end? Are they going to call you in month and say they are getting a new roof and then a month later they are updating the baths or kitchen?
  #7  
Old 10-27-2011, 10:45 PM
AnonApprsr's Avatar
AnonApprsr AnonApprsr is offline
 
Join Date: Jan 2008
State: Massachusetts
Professional Status: Certified Residential Appraiser
Posts: 6,285
Default

Business decision.
__________________
Anonymous Appraiser
Certified Residential
FHA Approved
  #8  
Old 10-27-2011, 11:00 PM
Blueprint's Avatar
Blueprint Blueprint is offline
 
Join Date: Aug 2005
State: Oregon
Professional Status: Certified Residential Appraiser
Posts: 2,124
Default

It is up to you as to how you want to handle it, yet unless it was a condition in the original appraisal order, it needs to be treated as a new assignment with a new scope of work.
  #9  
Old 10-28-2011, 08:23 AM
Mike Kennedy's Avatar
Mike Kennedy Mike Kennedy is offline
 
Join Date: Sep 2003
Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
Posts: 27,728
Default

Quote:
Originally Posted by Wayne Henry View Post
I received a message from one of my clients today regarding an appraisal report that I completed last month. The request asked me to change the old report to "subject to" from "as-is" and attached to the email was plans for new windows. I thought that when the report leaves the office it is done and over with unless you have to add a sale or commentary, am I wrong? I told them they would have to order a new report so lets see what happens.
"The request asked me to change the old report to "subject to" from "as-is" and attached to the email was plans for new windows."

See USPAP 2010-2011 FAQs

111, 130, 170, 171, 173
__________________
Kill the Contract Review Bull$eye - Now.

Last edited by Mike Kennedy : 10-28-2011 at 08:30 AM.
  #10  
Old 10-28-2011, 10:05 AM
incognito's Avatar
incognito incognito is offline
 
Join Date: Jul 2005
Location: On the Beach
State: Florida
Professional Status: Certified General Appraiser
Posts: 3,821
Default

Quote:
Business decision.
Yes, but definitely a new scope of work and a new appraisal assignment. Do it for free if you want, but make sure you have all of the USPAP required information in the NEW appraisal file for the NEW appraisal assignment!
__________________
A new and witty signature is currently being pondered. Stay tuned!
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 10:32 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93