- Jan 15, 2002
- Professional Status
- Certified Residential Appraiser
One of my best small time clients had me do two proposed construction appraisals back in March. Both assignments were rural properties from the same builder, but different borrowers on adjacent two acre lots. I have sales contracts in the file that include the lot and the construction cost with a sales price. Today, five months later the homes are almost done. Of course, the lender wants a re-cert (update to me) because the appraisal is over four months old and they want me to change the owner name to the borrower. They have sent me the closing statements that show they closed on the interim loan in the borrowers name, but I contend until the sales contract is satified (home is completed) the borrower is not the owner. This have never come up in 12+ years. I know what they are doing, they closed the interim and are treating the loan as a re-finance, but it seems that is not my problem. Am I too picky, should I just bite the bullet and change the owner name to the borrower since they did close the interim in their name?