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AAHHH Nuts, I messed up. Need suggestions.

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Lee SW IL

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
I appraised a home 03/01 for as a refi. Appraised the property for $54,000. Lender did not do the loan.

Lender is now in foreclosure on the home from a previous loan. I was asked to do a drive by.

Lender had a previous appraisal from 98 (I think) stating home needs a new roof. I missed the condition of the roof, it does needs replacement, and it is not something that just happened over the past year.

Any suggestions on how you handle when you miss something is appreciated.

I am disclosing the roof on the drive by report.

I feel like such an idiot.

Thanks
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Lee,
Errrr.....just be thankful that your appraisal for the refi didn't fly. 8O
For the time being just forget that report and get it right on your drive-by. You can't change what's already done and it doesn't appear that there are any liabilty issues. Hopefully your track record with the lender is good enough that they'll get over it quickly.
Spank yourself and move on.
Just an observation...I've noticed that the best appraisers are the ones that beat themselves up the most when they make mistakes. I suspect you're one of 'em. :wink: :)
 
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
Lee,

I agree with Dee Dee. Let's hope this lesson doesn't go any further. Just do this one correctly.

Personally, I like to blame any error I ocassionally make on Lender time pressure. :twisted: There is not one of us that haven't looked back at an old report and said: "Oh no! How could I have missed that!"
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
I agree with Dee Dee and Pamela.

Unless the lender is beating you up, just put a bandage on your wound and let it heal.

AND, do not pick at it.
 

Restrain

Elite Member
Joined
Jan 22, 2002
Professional Status
Certified General Appraiser
State
Florida
Well, first, be glad it's not your appraisal that's being reviewed with the drive-by. Secondly, be glad that the homeowner is not going to be producing this appraisal to argue over value.

It's the weekend. Enjoy and let that one set the 5 years till it can be shredded.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Lee;
you say you appraised the house in 03/01, are you saying as a full blown with an interior inspection :?:
secondly, if you were inside, did you notice any water stains on the ceiling anywhere :?: or did you not look :?:
in all honesty, if there were no indicators that the Roof was leaking, it's really hard to tell (visually) if the roof needs repair. We are not in the roofing industry. I know builders that have been in the business for years and can't tell you when the roof will need replacement, just by doing the exterior visual. It's like anything else, you have to make an informed decission and inspection.

Hope this helps some :)

8)
 

Frederick R. Ruffell

Senior Member
Joined
Jan 21, 2002
Professional Status
Certified General Appraiser
State
California
I started carrying binoculars 3 years ago just to see the roof close up. Having a background in construction I know just where to look and what to look for. You can get a great small pair for under $25 these days.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Just as Fred said....I too have a pair of binoculars behind the passenger seat as one never knows when something is just a liitle too far away to be sure. Really helps for understanding a roof condition, window type, siding material, etc., especially on comps in many other normal report scenarios. If only I could somehow afix my camera to that same view-port ! Then again, a distant shot from roadway depicts just how large a lot may be or how far from mailbox the house is and that may be good too.
 

Lee SW IL

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
JTrotta, Inspection of 03/01 was an interior inspection-URAR 1004. I did not observe any water stains on ceiling. Which I am sure I would have spotted if they were sufficient.



Thanks for all the replies.
 

Ben Vukicevich SRA

Senior Member
Joined
Feb 9, 2002
Professional Status
Certified General Appraiser
State
New Jersey
Lee,

They wanted an "as-is" value, right? That's what you gave them right? We're not roofing experts. I just did a bi-level and because it was an FHA, I asked how old the roof was. The owner stated 30 years. No way, I'm thinking. This is a standard 20 year roof and it looks great. I required a roof certification only because of the age, not the condition. They got one that stated a 2 year remaining life on a 30 yr old compo shingle roof!!! If it was a conventional loan I would have let it fly "as-is" just looking at the condition of the roof. So what you observed when you were out there may have been OK. No interior leaks were observed which would require immediate repair or replacement, right, when you completed your initial inspection? So your "as-is" value reflects what was there when you did the appraisal, you just didn't put in the statement that the roof was nearing the end of it's useful life-big whoop.

Complete the new assignment based on what you observe "as-is" now, just like you did last time "as-is." Chalk the old assignment up as a learning experience. Hell, we all learn from our field inspections.

And if your last value was too low to make the deal, your old report is probably in the trash by now..........

Ben
 
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