1004D Recertification Of Value

[glenn walker]

I would just send a photo to lender , tell them you will do the Re certification, when the blue trap is gone. if they are concerned they can tell the owner to get a Roof certification showing it is water tights. No need to make a big deal out of this-personally i would have asked the owner whats going on , may be a big nothing burger or a minor repair.

 

[JT1599]

I would just send a photo to lender , tell them you will do the Re certification, when the blue trap is gone. if they are concerned they can tell the owner to get a Roof certification showing it is water tights. No need to make a big deal out of this-personally i would have asked the owner whats going on , may be a big nothing burger or a minor repair.

Thank You

 

[CANative]

I would just send a photo to lender , tell them you will do the Re certification, when the blue trap is gone. if they are concerned they can tell the owner to get a Roof certification showing it is water tights. No need to make a big deal out of this-personally i would have asked the owner whats going on , may be a big nothing burger or a minor repair.

What would you do if there was a tarp on the roof the first time you inspected for the prior appraisal?

The 1004D Update section is the same. A new appraisal.

 

[glenn walker]

What would you do if there was a tarp on the roof the first time you inspected for the prior appraisal?

The 1004D Update section is the same. A new appraisal.

CAN so what if you want to call it a new appraisal-that does not change anything the appraiser is going to do. If the value has "not" declined since the original effective date then using the 1004-D form is fine. The appraiser runs his data to make sure the value is not less , explains what steps he did , go back out take a photo of the front and street and be done.

NOW we simply have a NEW issue and thats Blue Trap on the roof which is typically indicative that there is a leak somewhere-SO disclose it and recommend the lender get a roof certification showing its water tight. No different than if I would have pulled up on the original inspection and it was on the roof-I would have made it Subject to lender obtaining a roof certification. I have no idea whay appraisers freak out over these being a new appraisal, so what if I pull up and things look wonky then I will go inside again to make sure nothng major has happened but I am not going to produce an-entirely new report.

 

[CANative]

CAN so what if you want to call it a new appraisal-that does not change anything the appraiser is going to do. If the value has "not" declined since the original effective date then using the 1004-D form is fine. The appraiser runs his data to make sure the value is not less , explains what steps he did , go back out take a photo of the front and street and be done.

NOW we simply have a NEW issue and thats Blue Trap on the roof which is typically indicative that there is a leak somewhere-SO disclose it and recommend the lender get a roof certification showing its water tight. No different than if I would have pulled up on the original inspection and it was on the roof-I would have made it Subject to lender obtaining a roof certification. I have no idea whay appraisers freak out over these being a new appraisal, so what if I pull up and things look wonky then I will go inside again to make sure nothng major has happened but I am not going to produce an-entirely new report.

Isn't this what I just posted?

The point is that the Update of the appraisal is not just a matter of checking the sales to see if something new would change the OMV previously reported. It is the same thing as a "summary" appraisal report.

 

[glenn walker]

Isn't this what I just posted?

The point is that the Update of the appraisal is not just a matter of checking the sales to see if something new would change the OMV previously reported. It is the same thing as a "summary" appraisal report.

So what if it's- treated as a Update to the original report, and the appraiser does not just check the Yes box, he/she needs to explain what was done to arrive at a conclusion the value has not declined. And the appraiser needs his data included in his work file. In the OP'S case it's highly likely the roof repair would change his previously reported OMV if there was extensive damage observed then YES at that juncture I would check the Yes box that due to post appraisal damage the original value could NOT be supported until the issue had been mitigated. In that case I would not do a 1004-D update, and I would tell the lender that we needed to do an-entire new physical inspection on a 1004.

 

[CANative]

So what if it's- treated as a Update to the original report, and the appraiser does not just check the Yes box, he/she needs to explain what was done to arrive at a conclusion the value has not declined. And the appraiser needs his data included in his work file. In the OP'S case it's highly likely the roof repair would change his previously reported OMV if there was extensive damage observed then YES at that juncture I would check the Yes box that due to post appraisal damage the original value could NOT be supported until the issue had been mitigated. In that case I would not do a 1004-D update, and I would tell the lender that we needed to do an-entire new physical inspection on a 1004.

It's good to see eye to eye finally. I missed seeing eye to eye with my fellow Claremonter.