Per 2001 USPAP page 90, lines 4199-4205, the term "Recertification of Value" is no longer used and has not been acceptable for about five years. Any preprinted forms that have a change in the effective date of the opinion of value and still uses the term Recertification is not in compliance with USPAP. If the client wants to know if on todays date that the value is at least what it was on a previous effective date, then the appraiser has to do an update to an appraisal--they should NOT recertify. How you handle this update is up to you. You should at least drive by the subject, and perferably see the interior and all sides of exterior to see if any changes have been made since the prior visit to the property. You need to search the market for any activity since the prior effective date of value. The form of reporting can either be a new URAR/2055 interior, especially if there were any changes to the subject or market. Or a 2055 exterior if you decide that a drive by would be sufficient. Or if neither the subject or market has had any change, an update letter can be prepared. If the market has been steady so that there isn't any change in value but there are closed sales, new active or pending listings since the previous date, include with the letter a comparison sales grid, photos of the subject, new comparables, map of the new comparables, etc. If you cannot find a form or letter within your software that would be in complaince with USPAP, I have created an "Update to an Appraisal" letter that I could email you as a pdf file. And if anyone requests it, I always appreciate any constructive feedback I can get, as I am constantly trying to improve my appraisal reports.
Also, have you read Fannie Mae's Announcement 02-02? It covers updating an appraisal as well as a lot of other good information. You can download and print it from:
http://www.efanniemae.com/singlefamily/ori...ouncements.html
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