Updating An Appraisal From Refi To Purchase

[McPheeters]

The Lender is requesting me to "update" a refi appraisal done a month ago (same lender, same effective date) to show a contract/purchase. I have never had this specific request during the 17 years in this biz. Seems simple enough, as it is for the same lender. I must admit that I am drawing a blank on weather this would be considered a new assignment or just an update of the original refi report.
My first reaction was that it is a new assignment as there is a new market participant involved (the Buyer). Interestingly, the Borrower in the refi report is not the owner of record, but she is now the "Buyer" according to the contract the Lender provided to me today. Both the owner and "buyer" know each other (they both live in the Subject, so this is not an arms length transaction). Further, the contract predates the refi appraisal by a full month... Thoughts?

 

[Terrel L. Shields]

New borrower, new assignment. Charge for it. Were you told about the contract when originally appraising it? Don't forget to disclose prior service.

 

[McPheeters]

New borrower, new assignment. Charge for it. Were you told about the contract when originally appraising it? Don't forget to disclose prior service.

Looks like my first reaction as a new assignment was correct. The contract is news to me...the whole thing seems odd to me, coming back after the fact with a contract dated prior to the refi. Oh well, more $ to me! Thanks Terrel.

 

[Deleted member 134708]

New assignment. I charge $100 for same effective dates.

Since have to look at contract I'd go $150 for this one.

 

[glenn walker]

I Normally Charge 1/2 Original Fee And Request A Quick Re-inspection Just Too Make Sure It Has Not Been Gutted or Flooded ** Had One Years Ago- Drove By And The Roof Had Been Removed And The East Side Had Been Torn -Down LOL

 

[Deleted member 134708]

I Normally Charge 1/2 Original Fee And Request A Quick Re-inspection Just Too Make Sure It Has Not Been Gutted or Flooded ** Had One Years Ago- Drove By And The Roof Had Been Removed And The East Side Had Been Torn -Down LOL

To increase fee for sure an option. I prefer to keep effective date and if the house disappeared the next day, not an appraisal problem. Be a problem for everyone else though. Including breaking laws of physics.

 

[Meandering]

Thoughts???

Appraiser in the middle.

.

 

[McPheeters]

Thoughts???

Appraiser in the middle.

.

LOL! They're fighting me on this one...of course they just want me to "update" the original report with the contract info...for free. Nope! It's going to be my way or the highway. I am too busy for games and as I have stated in the past, I don't need or want the stress!

 

[McPheeters]

New assignment. I charge $100 for same effective dates.

Since have to look at contract I'd go $150 for this one.

Exactly.

 

[Mike Kennedy]

Exactly.

The E&O Liability remains the same, deduct $100. from whatever the original fee was.