• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Forum Sponsor - a la mode

Learn more about Titan Reports, our new cloud-based formfiller, SmartExchange, Titan Office, and Titan Drive to see how you can revolutionize your appraisal business.

ACI / MCS Users - Recertifications

Status
Not open for further replies.

vargasteve

Thread Starter
Junior Member
Joined
Jan 21, 2002
Professional Status
Certified Residential Appraiser
State
California
An MSC user for many years, I have been using RV2 form, for recertification of value. Now I'm a 32 bit ACI user and I can't seem to find a similar form - simple 3 comp form, specifically designed for recertification of value. ACI does have a recertification cover page that refers to other form (doesn't appear to exist), but I can't find it. I've been using both programs to complete files on recert's, but then can't email / PDF them. Any suggestions :?:
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
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

[email protected]
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks