additional comps after appraisal

[Fred]

but they want some type of proof from someone like the appraisal foundation or something from USPAP. i have not been able to find anything.

Tell them a "new assignment" is faster and cheaper, or tell them to call it whatever they like.

 

[oliver28]

any idea where i can get documentation to show it would be an new assignment?

 

[DWiley]

any idea where i can get documentation to show it would be an new assignment?

AO3, Lines 37-39 should work.

 

[Mike Garrett RAA]

Looks like Danny is hooked on the forum...and I am so glad he is.

Lets go back to the original post. The client is not asking for a clarification or correction to the original appraisal. They are asking for new data. This would be a new assignment.

 

[Don Clark]

Looks like Danny is hooked on the forum...and I am so glad he is.

Lets go back to the original post. The client is not asking for a clarification or correction to the original appraisal. They are asking for new data. This would be a new assignment.

Agree with Mike on both points. Danny Wiley is a valuable asset to the forum. Tell them you use the "Plumber" concept of appraising.....want a new pipe, it's a new job.

 

[Webbed Feet]

Rereading the OP, I am wondering if the client's request has been correctly conveyed and understood? The effective date of the appraisal is sometime in November (2007) and a request has been received in early February (2008) asking for comps that "have closed in the past 90 days."

Unless the report was completed in early November, the time period would include a period prior to the effective date (?) of the appraisal. Was the request for comps that settled 90 prior to the effective date of the appraisal, not within 90 days of the date of request? How old are the comps used in the report?

All the discussion about scope and original assignment and all that is one thing; misunderstanding the client's request is something else.

Caveman says "What?"

Webbed.

 

[Webbed Feet]

You are being asked for "Comp Check."

any idea where i can get documentation to show it would be an new assignment?

Mr (Ms?) Oliver,

There is an aspect of this I did not see discussed. No matter how this client attempts to parse it, they are asking for a new real estate appraisal. It is very clear what they are pulling is attempting to obtain either an "Update," or a "Comp Check," for free. Both of these, regardless of the nomenclature used, are new appraisal assignments.

Why is such a request a new appraisal assignment when it appears the client is not asking for a value conclusion, but only "comps" picked out via the appraiser's expertise? Page ten of my board's 2005 publication can answer this for you.

http://oregonaclb.org/media/Summer2005Newsletter.pdf

The bottom line is when you use your expertise to select comps specific to a subject property, it does not matter that you made no specific value conclusion. Your act was right out of Standard One of USPAP and you are NOT supplying raw neighborhood sales data. You are specifically comping a subject. This is right out of every "Comp Check" thread on this forum. As those new comps are completely not applicable to the prior assignments effective date, what you have is a new real estate appraisal taking place. This client is intentionally refuting these basic concepts as they don't want to pay anything for the new appraisal. So if they understand or not, they are attempting to scam appraisers out of services.

As my board pointed out back in 2005, in their seventh and eighth paragraphs, you have problems regarding the intended use and a lack of meeting of the minds regarding the scope of work. There is no agreement here between your client and yourself on the proposed scope. You cannot proceed until there is.

Webbed.

P.S. I doubt "documentation" is going to help you. Clients like this do not want to understand! Bet you're going to hear "All the OTHER appraisers do it!" out of whomever you attempt to explain this to.

 

[Louis Pompeo]

How much did they fine you?

So....Webbed......when your State Appraisal Board bagged you for doing comp checks in 2005 - how much did they fine you?

 

[RSW]

Comps dated after the effective date of an appraisal is a new appraisal in my book.

 

[Webbed Feet]

So....Webbed......when your State Appraisal Board bagged you for doing comp checks in 2005 - how much did they fine you?

LOL! ...

Yeah, that's me! Bagged, stuffed, and prepared for delivery! .. Like a Xmas goose.

Webbed.